#RevRally - An evening at Revolut's Offices
Earlier this month of August we headed over to Revolut for their first #RevRally community event, which was a great opportunity to hear about their product strategy. The speakers on the day were Nikolay Storonsky & Vlad Yatsenko (Co-founders), Ed Cooper (Head of Mobile) and Rishi Stocker (Head of Partnerships) followed by the usual networking drinks
Below are the key takeaways from the event:
Replicate what is successful and see if it works for you
Revolut Premium seems to be one of their big bets. They want to mimic Amazon Prime by keeping the price the same (£7 per month) regardless of how many extra features are added on. By doing this, they hope it gets to a stage where customers realise that it doesn’t make sense not to have Revolut Premium.
Travel Insurance – Rather than forking up for an annual fee, you can “Pay as you go” for travel, insurance e.g. 50p per day so you won’t be paying insurance for when you won’t need it.
Mobile phone insurance – This was quite interesting as they are planning to use technology which can detect if your phone screen is broken! The pricing would also be like travel insurance, so a certain amount each week at a price much lower than going directly to your service provider.
Savings – Interested in saving more? The Savings feature would search not only the UK but Europe for the banks which are offering the highest rates. It would then deposit the money for you at the click of a button.
Risk – Interested in investing? Like the savings feature, Revolut would move your money to an investment platform.
Peer-to-Peer business lending – An opportunity to invest your funds via lending to small businesses. You also have the choice of which businesses you’d like to lend to.
All in all, it was a good event. It helped us understand their vision more clearly. Before attending the event, it seemed as if they were trying to do everything at once, but there seems to be method in this as they are trying to be the Amazon of Banking. Question marks continue to remain over their profitability, but that doesn’t seem to be stopping their investment prospects as they were oversubscribed for their latest funding round.
We shall continue to watch this space!