It’s not the most masculine, macho, or the ones with the biggest muscles who win. It’s those who look after each other, who remain cheerful in adversity, who are kind and persistent and positive. These are the characteristics that help you, not just to survive life but to enjoy it. And nothing to do with gender. The people who are successful are the ordinary ones that just go that little further, who give a little more than they are asked to, who live within that extra five percent.Bear Grylls
Revolut is one of banking / fintech startups which have now morphed into companies with millions of customers. They say they offer a “Radically better account” and are focused on:
- managing your money with an app
- sending money with ease
- better rates when
- better security
- even a cryptocurrency exchange
There is a free account although they also offer a Premium and Metal account which you pay for. This gives extra perks like higher international ATM withdrawal limits, travel insurance, and unlimited foreign exchange. The Metal account goes further with a so-called concierge and also lounge access (see later).
It is important to note that although they have been granted a Banking License in Europe, it is not yet (as I understand it) operational in the UK. This is different
The card is very, very nice. A smooth, cold sheet of machined black, faintly green metal which is distinctive and I guess, luxurious. A metal card is not new though. Platinum and Centurion Amex have metal cards in the US (not the UK though). N26 re also offering a metal card too.
I was intially attracted to the tripe ATM withdrawal limits when abroad, the insurance and also the lounge access. This is where I started to notice a pattern of over-promise and under-deliver.
The lounge access was advertised in a very sly way… you only get one free visit.
Yep. Only one.
Then you pay each time and it’s been shown to be more costly than going direct in some cases. I’m convinced this was never highlighted in the initial marketing.
This was announced a few weeks ago and made a note that I probably wouldn’t want to renew the Metal plan. This has now been reinforced by three pieces of information that
Cracks are starting to show
This Wired article, “
She did a 30-minute job interview over Google Hangouts with the London-based head of business development, Andrius Biceika, and was immediately told she had passed to the next round, which would involve a small test. “The surprise came when I received the task and it asked me to get the company as many clients as possible, with each one depositing €10 into the app,” says Laura.Wired Magazine
Eugh. Not exactly what you’d expect from an interview and application process is it?
Slack screengrab from CEO
There has also been this leaked screengrab of the CEO’s Slack message:
You can see a bigger version here so you can read how toxic this is.
To finish a torrid week for them, this morning it has been announced that their CFO has resigned:
Having been at Revolut for almost three years, I am immensely proud to have taken the company from £1m revenue to £50m revenue during this time. However, as Revolut begins to scale globally and applies to become a bank in multiple jurisdictions, the time has come to pass the reigns over to someone who has global retail banking experience at this level. My time at Revolut has been invaluable and I’m so proud of what myself and the team have achieved. There is no doubt in my mind that Revolut will go on to build one of the largest and most trusted financial institutions in the world.Peter O’Higgins
He makes no mention of the scandal which emerged only a few days ago when The Telegraph exposed that
Questions to be asked
Many people have lost confidence in banks and the banking sector over the past few years. Luckily, there is now a wealth of choice from the likes of Revolut, N26, Starling, Atom, Clear and of course Monzo.
So we have plenty of
It looks like
Sadly, company ethics come from the top. If the founders and senior management allow bad practice and actually encourage it, then guess what? It will be endemic in the
It seems like Revolut have been taking a note out of Uber’s playbook. Growth at all costs, a toxic environment, and
Someone needs to send Nikolay Storonsky a copy of “It doesn’t have to be crazy at work” and quickly.
Nikolay has now just published a blog post saying they never breached financial regulations.
You cannot overestimate the unimportance of practically everything.Greg McKeown
Do you spend time and energy on what’s really important? It’s a question which needs answering on a daily basis.
What or who is important, is relevant to your possessions too, your work and the people you spend time with.
It all adds up.
It’s easy to become lazy and in a rut.
You can make a change. You do have a choice.
There are very few things that are truly important. You just need to decide what they are and allow yourself to focus on them.
Spent time well.
Who wants a company shouting about what they do, what they can offer and why you should use them?
It sometimes feels like they are USING CAPS with their messaging.
By all means, whisper confidently, but please don’t shout arrogantly.
Product marketing and relationship marketing should both be respectful. Have a great product or service and combine that with understanding what your customers need.