written by
Renjit Philip

Don’t Focus on Revolut’s Financials

Neo Bank Fintech 1 min read , July 3, 2024
Revolut financials 2023
Revolut growth story from their 2023 annual report

People are focusing on Revolut's financial results, but I am not.

Don't get me wrong; I am suitably impressed by the Revenue growth, the profitability (yes, you heard that right. Fintechs can be profitable), and the customer growth.

However, a look at the product velocity gives you an idea of the execution capability of their team—no wonder the stellar financial results follow.

A summary of their product launches in 2023 alone (from their annual report for 2023):

Retail Banking Products

1. 𝗠𝗼𝗻𝗲𝘆 𝗠𝗮𝗿𝗸𝗲𝘁 𝗙𝘂𝗻𝗱𝘀: Flexible Accounts enable users to invest in money market funds, previously accessible only to global corporations and investors, helping protect savings from inflation.

2. 𝗥𝗲𝘃𝗣𝗼𝗶𝗻𝘁𝘀 𝗟𝗼𝘆𝗮𝗹𝘁𝘆 𝗣𝗿𝗼𝗴𝗿𝗮𝗺𝗺𝗲: Launched in Malta, Spain, Portugal, Croatia, and Greece. It will expand to the UK and other EEA countries in 2024, becoming the first pan-European debit card loyalty programme. Customers earn points on spending and using Revolut products, redeemable for airline miles or product discounts.

3. 𝗥𝗼𝗯𝗼-𝗮𝗱𝘃𝗶𝘀𝗼𝗿: Automates investments in pre-defined portfolios, catering to various risk levels from Conservative to Aggressive, ideal for passive investors.

4. 𝗨𝗹𝘁𝗿𝗮 𝗣𝗹𝗮𝗻: New top-tier plan in the UK and EEA, offering over £4,000+ in annual benefits including unlimited lounge access, 'cancel for any reason' insurance, and 11 bundled partner subscriptions like Financial Times and Nord VPN. Added 3GB of monthly global data on eSIMs in 2024.

5. 𝗝𝗼𝗶𝗻𝘁 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝘀: Facilitates seamless collaborative money management for users and their partners.

6. 𝗚𝗿𝗼𝘂𝗽 𝗖𝗵𝗮𝘁: Simplifies splitting expenses with friends in real-time, eliminating the need for spreadsheets, cash, or awkward conversations.

Business Banking Products

1. 𝗨𝗞 𝗦𝗮𝘃𝗶𝗻𝗴𝘀: Business customers on paid plans can earn competitive interest rates.

2. 𝗔𝗰𝗰𝗼𝘂𝗻𝘁 𝗣𝗿𝗶𝘃𝗮𝗰𝘆: Allows business administrators to control which pockets employees can view and manage, offering significant flexibility for larger customers.

3. 𝗥𝗲𝘃𝘁𝗮𝗴: Streamlined fund transfers to Revolut Retail users, widely used by both Revolut Retail and Business customers.

4. 𝗙𝗫 𝗙𝗼𝗿𝘄𝗮𝗿𝗱𝘀 𝗶𝗻 𝗘𝗘𝗔: Extended to many EEA markets in 2023, enabling customers to hedge forex in USD, EUR, and GBP with substantial notional amounts.

5. 𝗧𝗮𝗽 𝘁𝗼 𝗣𝗮𝘆 𝗼𝗻 𝗶𝗣𝗵𝗼𝗻𝗲: Allows businesses and freelancers to accept contactless payments, including Apple Pay and digital wallets, without additional hardware.

6. 𝗣𝗮𝘆𝗺𝗲𝗻𝘁 𝗟𝗶𝗻𝗸𝘀 𝗮𝗻𝗱 𝗔𝗣𝗜: Merchants can customize hosted payment pages, issue reusable payment links, and scale payment link generation via the merchant API, enhancing e-commerce operations.

WOW! How many incumbent banks can match this delivery?

Fintech Neo Bank