Revolut has confirmed that they will not sell the retail order flow to any high-frequency firms.
They’re being a bit ambitious with the headline, I mean Monzo “could” launch into 100+ countries and I “could” launch my own bank in 50 more.
And by “could” I presume you mean couldn’t.
Apologies if already posted elsewhere. When does Monzo report?
Well financed to have CACs at this level:
Monese have the same offer
Nice as these little bonuses are (and we have taken advantage of them) I feel the money could be better spent elsewhere.
They reported in June
9 million customers
And GBP direct debits too
Revolut really bringing in some chunky updates recently.
Good to see another FinTech upping their game
Revolut are currently quietly removing verified status from users from the UK who signed-up using their driving licence to prove their ID.
They’re not giving any notice that they’re doing this, they’re just quietly killing your access to your money.
When you contact support most CS agents don’t seem to know whats going on. You might even get told that you didn’t get verified in the first place.
If you persevere they tell you they’re doing it because of ‘Brexit’.
They tell you that you will need to re-verify with your passport of ‘government ID’.
There are no govt IDs in the UK, so if you don’t travel, you are no longer welcome to be a Revolut customer.
When you go to the app, you are still able to submit a drivers licence… but they’ll reject it.
Great customer experience.
I’m pretty sure that they sent an email long time ago to nudge customers to update docs. Maybe you didn’t pay attention to it?
There was an email telling people that they’re keeping an eye on the Brexit situation and that they have a contingency plan.
There was no email to say they were moving me over and there has been no email, SMS, or notification to say they would suddenly stop my service.
Also this mans that there is now one single form of ID available for UK nationals. We do not have ID cards and passports are for those who travel.
I have a passport I can send them. 14% of UK nationals do not.
Plus they are still allowing submissions of DL’s in-app - they wont accept them so they are taking personal data they have no use for. I think there may be GDPR implications there.
We don’t have ID cards because people kicked off about it. It’s a good idea. We need them to identify ourselves in a modern era.
We have a single worldwide accepted ID proof which is our passport. It’s expensive but it is an inevitable cost and I don’t think it’s unaffordable to anyone. Even if you’re on benefits or other low income small saving over a period of months can help those people.
Are those 14% going to want to bank with a mobile only bank? Probably not.
I think that’s a political argument. The pros and cons are not particularly relevant.
The fact is that in the country in which Revolut operate and are regulated, the UK, the driving licence is ID.
That’s not particularly inclusive as arguments go. Some people would probably rather prioritize food and clothing over an additional identity document which may never be used for its primary purpose… but instead just to prove who you are to a bank what randomly changes the goalposts.
Just because we can afford to get a travel document, doesn’t mean that everybody is so fortunate.
Where do you see the correlation between desire to bank on the bus and desire to go overseas?
I don’t get the link that you try to draw.