Revolut takes crown as highest-valued fintech in the UK

Revolut takes crown as highest-valued fintech in the UK

Following Revolut’s latest funding round, its valuation has tripled to £4.2bn (US$5.5bn) making it the highest-valued fintech company in the UK.

The Worlds Biggest Bank.. That Isn’t A Bank

Revolut is the UK’s most successful Fintech company, however their banking licence is set to be denied, due to unverifiable funds, by the UK central bank. What does this mean for Revolut’s future and will they every become a licensed bank? #finance #fintech

Intro: 0:00
What’s Revolut?: 0:28
No Licence?: 1:45
Is It Safe?: 2:43
Outro: 3:45

Revolut is online banking service that has exploded in popularity in the last few years. With them acquiring 1 million users a month and reaching 30million customers in 2023. But they have some major issues to deal with… they don’t have banking licence.. and probably won’t be allowed one as the Bank of England can’t verify £477m of their revenue and their CFO recently quit of of the blue. So what exactly is going on?

What’s Revolut?:
But let’s start over. Revolut was started is 2015 as an easy alternative for users to cheaply switch between currencies using a prepaid card and app. Since then, the business has expanded dramatically due to years of massive fundraisers resulting in a value of $33b in 2021. Making Revolut the most valuable UK tech startup ever at that point.

The companies revenue can be split into 3 main sections. Interchange fees, subscriptions and services.

Interchange fees occur when a user conducts a transaction. When they purchase a product, the seller is changes a small fee. This is how most banking systems work. Along with other card related fees like ATM withdraw and chargeback etc.

The last and biggest revenue stream is their services. This includes crypto and stock trading along with foreign currency exchange and a host of other services all of which incure fees for their use. This made them £349m in 2021 alone. Which was the first year of profitability for the company.

Subscription plans give users perks such as lower fees, travel insurance and a host of other benefits in exchange for a monthly fee.

No Licence?:
So what’s the problem, well in the UK, where the company headquarters are. They don’t have a banking licence and it seems won’t be allowed one anytime soon. Without having a banking licence revolut cannot offer credit to users such as mortgages and more importantly, users aren’t protected if the bank goes bust and therefore cannot trust it to be their primary bank. To get around this issue, revolut are required to create a safeguarding account with a licenced bank. This is an entirely separate account that is ringfenced to ensure that in the event that Revolt goes bust, the users money would still be protected by the licensed bank. Therefore, the user would have to trust that the company is correctly handling their money as its not directly protected by an independent party.

Leaving the company in a limbo state where it’s difficult to gain the trust of users who could other wise choose a prefer of other licensed banks who can offer similar services. Whilst also having the rely on these banks in order to operate.

Why No licence?:
Revolt do already hold a licence in Lithuania, and as Lithuania is apart of the eu, they already have an EU banking licence. So they can operate as a normal bank in many European countries but why can’t they get one in their home country.

An audit undertaken by the Bank of England before the licence can be granted found that 2 thirds or £477m of revoluts revenue in 2021 could not be verified. Stating that the portion “may be materially misstated”. This means that the revenue itself isn’t the issue but how exactly the revue was obtained and from which particular stream it came from is in question.

Revolute has also been plagued with users complaining about missing funds with thousands of pounds claiming to be missing. With no protection against missing funds. Are the Cracks beginning to appear in the most successful UK fintech company.


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EDIT: Revolut is currently valued at $1.7bn dollars. Several articles have speculated regarding a new valuation – however these are just speculations.

This video is not sponsored by Revolut. I am a big fan of the company and over the years I have become an ambassador. If you want to get Revolut, which you should, use my link down below and you’ll not have to pay for shipping of the card.

Ps. Just released a new podcast episode where we talk about my visit, check it out:–Black-History-Month-eauukn

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What is Revolut? The History Of The UK’s Most Valuable Startup

What is Revolut? The History Of The UK’s Most Valuable Startup. What is Revolut? What is the History of Revolut? Who Founded Revolut? What is The Story of Revolut? In this Revolut Review 2021, we discuss what is Revolut? Revolut is now the most valuable British startup with a $33billion valuation. Revolut is a Neobank or Challenger bank and Revolut is now global with over 15 million customers across Europe, Asia and North America. Revolut is one of many challenger banks taking on the established financial institutions. But What is the story of Revolut and how have they grown to become Britain’s Most Valuable Startup?

Here’s How It Happened.

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Revolut Bank growth strategy explained and which companies Chad West admires

Chad West starts this week FIN ON Air by talking about the company data that they have released and how well they’re doing following a period of rapid growth – without paid advertising that has led to them breaking even. Also discussed is which companies outside Fintech that West admired.

Together with Simon Taylor this week they also discussed challengers both companies faced. Focus then shifted to work culture at Revolut, how companies use chatbots well and the success of the Revolut premium user base.

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Revolut’s Banking app allows you to:

– Spend for free with a multi-currency Revolut card that is accepted everywhere
– Access the best possible rates for currency exchange: interbank rates
– Transfer money to your friends via social networks, email or text instantly, all for free
– Feel more secure about withdrawing from an ATM when travelling abroad, and beat the bank fees!