The Ledger
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Revolut hiring managers did sourcing while recruiters only scheduled and closed
“We used recruiters to schedule call, close contracts. But like sourcing yeah, screen calls, CV screening, it was usually done by hiring managers.”
Revolut required candidates to analyze one million data points in interviews
“So for example, at Revolut, like if you wanted to become a product manager or operations person you had to analyze, I think a million data sets and figure out like what's the problem in onboarding. It took us three months to solve the problem.”
Revolut's free card referral campaign generated 180K signups in one week
“I think the quickest way to get a lot of growth for us was, I think it was a Monday afternoon Chad, me, and Tom, and I think Alan, basically set up a referral campaign, wrote an email, some T's and C's, and enabled free cards to Revolut customers, and that gen…”
Revolut demanded 'special forces' level execution at maximum speed
“To put it, as Nick put it, we're like special forces. We go in, we don't fuck up. So it had that mentality that every meeting, every design catch up, every marketing campaign, essentially anything you do is perfectly executed at all times. At the maximum speed…”
Revolut's P2P payment flow for non-users failed to drive user growth
“For whatever reason, I thought that you can acquire a lot of Customers with P to P payments. And so I spent four weeks trying to make it work that people can pay someone that's not on Revolut. I just didn't do anything.”
Storonsky: Grant complete autonomy until weekly metrics stop moving
“Well, today I just give people goals. I always quantify goals so they are measurable, and then I let them reach these goals. Simple there. And then, you know, if things are going smoothly, I can see on a weekly basis during business reviews or during one-on-on…”
Storonsky: Faster product shipment and iteration increases a company's chances of winning
“Well, it's our secret weapon, right? It's how we compete with other companies, because ultimately all the businesses, what they do, they give products to people. And then the faster you can ship products, the faster you can iterate on products. So the more cha…”
Siemiatkowski admits Revolut currently has higher user engagement than Klarna
“The engagement that I have is not as high yet as it is with Revolut.”
Chang has only sold Revolut shares for basic personal consumption
“No. It's only solved for what I need to, only for personal consumption. I'm still very bullish on the company.”
Chang: Crypto and trading revenues offset Revolut's COVID interchange collapse
“During the COVID lockdowns the interchange revenue, so, you know, revenue from people spending on cards, especially abroad, went basically near zero, right? However there was a lot of stimulus checks, right? From the COVID times and the stock market was boomin…”
Lemkin: Balderton led Revolut's seed round at $8M post-money
“Balderton bought, led the seed round in Revolut, two million at eight post. Two million at eight post, and then led the A on top of it, right?”
Revolut Sets Three-Year Strategies Driven by Concrete Product Deliveries
“Once a year, we set a three-year strategy, which has kind of what we want to focus on and why, but very quickly gets down to concrete product deliveries that we want to make.”
Gibson: Revolut's top product priority will be integrating AI
“I think first and foremost, it will be bringing AI into the products that we're building. And I don't know about you, but I haven't seen, you know, tons of examples of that across the industry yet. I think we're really just at the start.”
Gibson: Revolut founders Nik Storonsky and Vlad Yatsenko join weekly business-wide reviews
“And then once we're really confident in them, they get bubbled up to, we do a overall business one once a week, which is, this is the final output. This is going to be built. And that's the one then that Nick or Vlad occasionally join, and they'll then have th…”
Gibson: Deliverable quality matters far more than task volume early in careers
“No one remembers if you've done 15 different things in your first three months, they'll remember the quality of what you did.”
Revolut maintains central and division-level design leadership to prevent product divergence
“We have a central within Revolut, a central design system team. And then within business, we have a head of design as well, who's acting as that kind of glue to say, hang on a second, we've got divergence here.”
Revolut Seeds New Product Bets Primarily with Existing Staff
“We typically bring people from existing teams and put them into these teams, then maybe with one or two new people, and then that's the team that runs with it for maybe a year, maybe two years, and we see how it does.”
Gibson: Revolut spends most product review time evaluating Figma designs screen-by-screen
“And then what we spend most of the time doing is looking at designs. So the designer will literally present Figma and say, okay, we've got a new problem we're looking to solve. This is how we're going to solve it. And we go through screen by screen.”
Revolut sets five company macro goals and cascades them across departments
“We set at the company level about five kind of macro goals that we're looking to achieve, and some of them are kind of, you know, financial goals, some of them are customer experience goals and the like. And then we cascade those down to the relevant products …”
Wilk: Revolut Excels at Rapid International Expansion and Regulatory Setup
“I would say a lot of respect for what Revolut's doing. I think they're, I'd almost call it like regulatory as a service. Their ability to just go into these different countries and set up operations is pretty remarkable.”
Storonsky: Revolut product bets cost £2-3M with 10 people over 18 months
“So usually to launch a product, you need to have a very small team of 10 people. They will work on the product for say one to one and a half years. Cost will be probably, I don't know, two, three million pounds.”
Lakestar's UK team originally missed investing in Revolut
“We basically, we missed it in, in in the UK team at the time”
Le Nel: Revolut measures growth using three key metrics
“Alright, well, we look at three things, I'd say, obviously. So the first thing is the volume of users, you know, that we're getting. The second thing is the ROI at which we are acquiring them. What's the payback? What is the, in, in, in months? And the last on…”
Revolut's growth department operates across 20 to 25 matrixed teams
“In the growth team we have, I think it's 20, 25 different teams, you know... Because we work as a matrix, you know, so you have the channel people, and then you have the local people, and all of those are teams, you know. And then we run so I run a weekly busi…”
Stebbings says Revolut is his top private company investment target
“I would most like to be in Revolut. Of all private companies right now.”
Revolut's website early slogan was 'better than a bank account'
“So, I mean, we even had on our website, right, better than a bank account, and bank was crossed out.”
Revolut sold 10,000 metal bank cards within one hour
“We had like 10,000 cards pre-ordered. It was literally sold out after an hour. And then basically we had like I think four months of like waiting line where basically every day more people ordered than we could manufacture.”
Revolut scaled from 80 to 2,500 employees in 2.5 years
“I went there when we were like, 80 people. I left when it was two and a half thousand. That's two and a half years. Like, my team went from two people to over a 150 in, like, nine months.”
Revolut optimized its user signup journey to under five minutes
“And so we optimize the product to basically make sure that Enough people can go through that whole journey in less than five minutes.”
Revolut's multi-currency foundation was the engine for its rapid growth
“And I think, you know, like, this was kind of like, for us, it was kind of like the engine that drove the company so fast, because we were always based on a multi-currency product, which allowed us to add cryptocurrencies commodities, but also, like, create ne…”
Revolut's early referral program offered free card codes instead of cash
“Well, so in the early days we didn't offer any money. So in the early, early days basically we just gave away a free Revolut code.”
Revolut team handed out cards in Google and Uber cafeterias
“We went to all the big tech companies like Google, Uber in our lunch break to hand out cards in their cafeteria.”
Storonsky: Revolut will expand into five to ten countries each year
“So that's why we try to expand, well, not in as many countries, but like with reasonable speed in as many countries as possible, because we've done it before, we have playbooks, we know how to do it, so we slowly add five, 10 countries a year.”
Storonsky: Revolut's product teams are small, autonomous units of 8 to 10 people
“Well, basically the way we operate, we have many product teams. So they're usually eight, 10 people. And then the team has all the resources in order to build a product.”