Part of me wonders if it was the huger growth Monzo had over many other fintech banks when it started so it became suddenly common with a side of panic, the card kinda exploded. Originally the card may have not worked as it was a prepaid card so online only confirmation for purchases.
In my circle of people up and down the UK Monzo is common, Rev is rare and starling occurs between the 2, where I live now I dont think I know one person here who has a Rev account.
I don’t know if Rev or monzo post monthly active users in reports to be honest. Without that it’s all speculation based on experience I guess.
Without having both it’s impossible to compare although being honest if it was hugely high they would both be shouting about it, any fintech would.
Given auditors have access to the banks records and key staff, it is a coded way of saying Revolut’s records were not up to scratch.
Similarly, when it comes to publishing annual reports, the deadline is a legal requirement - it’s not optional or a case of “accuracy over lateness”.
If a firm can’t do it within the legal deadline (which is 9 months after the accounting period), then they have internal issues with their records - not good for any institution - especially a financial organisation.
It does take some translation for sure. In some ways though it’s more worrying that they say some information may be “materially misstated”. For that to be said about an outfit that offers banking services is really worrying. Basically they’re saying that Revolut may be lying about their accounts. Mind you, not being able to verify three quarters of their revenue is also far from good.
In short, you’re way braver than I am to use them as your main bank.