The Ledger
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Scaleups acqui-hiring failing YC startups for AI talent is no longer viable
“When rippling is hoovered up 30, and owners hoovered up 20, and Revolut's hoovered up 10, you just, that strategy worked three years ago. Like, it's too late. Like, everyone is just sitting there hitting refresh, hoping these smart YC companies fail so they ca…”
Stebbings: Revolut Out-Shipped Monzo On New Product Releases
“Revolut out-shipped the shit out of Monzo on new products.”
Stebbings: Revolut will likely reach a $100B to $150B valuation
“I think everyone is realizing now that Revolut will quite likely be at least a hundred billion dollar company and likely a hundred and fifty billion.”
Storonsky: Revolut obtained its Mexican banking license ahead of Nubank
“So we got a banking license in Mexico, a head of new bank.”
Le Nel: Revolut sets targets so high the company never reaches them
“We never reach our targets, you know, because our targets are much greater than what we, than what we're achieving.”
Uber, Airbnb, Meta, and Revolut didn't use event tracking early on
“I actually think that if you look at Uber, Airbnb, Meta, they don't use events, or at least not in the early days. We didn't use events at Revolut.”
Blomfield: European neobanks N26, Revolut, and Monzo failed initial US expansion
“N-twenty-six has failed, Revolut's failed, Monzo's, the first go's failed”
O'Driscoll: Revolut Generates $4.5B Revenue and $1.5B Operating Income
“And it's the same bet with Revolut. They raising at a hundred and something, they're doing what? Four and a half billion in revenue, you know, 1.5 billion in operating income, which is fricking amazing.”
Siemiatkowski: Klarna operates proprietary payment rails capturing itemized receipt data
“We have our own payments network. Just like Amex, we have our own Rails. Every time you shop with Klana, the information that flows on the rails isn't just the amount that you purchase for. It's the exact products. We have the full digital receipt.”
Siemiatkowski: Klarna's 110M customer base is nearly double Revolut's 65M
“Klarna has a hundred ten million customers worldwide. Revolut now has 65, right? So I'm twice the size in number of customers.”
Index Ventures Is the Largest Shareholder in Figma, Dream Games, and Wiz
“Largest shareholder in Figma, largest shareholder in Dream Games, largest shareholder in Wiz you know, second largest shareholder in Scale.ai, Revolut.”
Harry Stebbings: Revolut will probably reach a $100 billion valuation
“Revolut is a forty-five billion dollar company now, and I think it'll probably be a hundred billion dollar company.”
Le Nel: Revolut and King built brands before spending on marketing
“Out of sample of two, which is King and Revolut, the brand was much bigger before a single dollar of marketing was spent, right?”
Revolut grew fastest in Ireland, Romania, and Poland, not the UK
“So if you think about Revolut against Monzo, right, like the markets we grew the fastest wasn't the UK. It was Ireland, it was Romania, Poland.”
Revolut user surge stretched customer support wait times to four weeks
“Suddenly KYC times, right? Went from three minutes to, or a minute, right, to suddenly like two weeks. Customer support waiting lines went from, I don't know, 10 minutes to four weeks.”
Point Nine broke its rules to invest in Revolut's seed round
“When I was with .9 and reinvested in Revolut, it was both outside of the focus, right? It's a mobile consumer app. It was actually had just closed the seat round with Balderton. So there was no actionable opportunity and the only way to get in was actually for…”
Storonsky: Revolut will launch its full European product suite in the US
“As soon as we get trading license, We'll add all the products that we have on the Revolut for US market.”
Storonsky: Revolut aims to be top two in every market within five years
“So I want to be a global business, and to be either number one or number two in every single country where we're in.”
Gibson: Revolut employs product owners instead of product managers
“The way we structure product teams at Revolut Business and across all of Revolut is we have product owners who report into me and note we have product owners, not product managers.”
Gibson: Revolut's executive team has stayed stable for up to eight years
“I think one of the most amazing things about Revolut is that we have a senior team who have been in the company now for quite a long time, and it's been relatively stable. And I've worked now with a bunch of people, my peers, and I've worked with them for, wel…”
Stebbings: Revolut is incubating 26 new products in an internal venture lab
“Revolut internally has 26 new products that they are kind of baking in their venture lab, and they have insane testing, metric testing every week with Nick to determine what makes it to main stage, and they run them like little venture teams with different fun…”
Le Nel: Revolut is actively working on launching a mortgage product
“Well, we're working on it. I want mortgage.”
Harry Stebbings: Chime is worth roughly a quarter of Revolut
“Chime, you know, is probably a quarter of the enterprise value of Revolut now.”
Revolut hit #1 in Romania and Norway using identical growth strategies
“We became number one in Romania and Norway, With the exact same strategy, the same, I mean, the same thing, you know”
Revolut was founded after Nik Storonsky lost 10-15% on exchange fees
“And when he went to Vegas and took some money to play poker they took away around 10 to 15% because of the currency exchange. And because he was like, look, I mean, I trade hundreds of millions of dollars without paying any fees. He was like, hey, maybe there'…”
Nubank is currently outscaling Revolut's growth rate
“Revolut is growing fast, but Nubank is growing even faster.”
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'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.”
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.”