Revolut has just been named the fastest growing, privately held tech company in the UK.
As with all fast growing companies its growth has not been without its challenges, but that’s an impressive accolade for any organisation.
Digital disruption can be done by any organisation – large or small, digital native or decades old, but to do it well takes a certain formula, one that Revolut certainly seems to currently posses. Recently I witnessed a little bit of that when travelling back from Ireland.
I have accounts with nearly every startup bank and many other challengers. I don’t do this to spread the risk, more to understand first-hand how these organisations are progressing. I do use some of these accounts in real life however, and my go-to service when travelling or spending foreign currency is Revolut.
Whilst taking a journey-break in a coffee shop in a small town in Ireland I paid for the coffees with my Revolut account. My wife spotted this and asked me why. When I explained about the attractive exchange rates, and the finite control over the security settings she said that she would get one for her next overseas trip. I had recently received a ‘refer-a-friend’ email from Revolut which waived the normal introductory card fee so I found that and forwarded it on to her.
We then set off again for the next two hour leg of our journey. During this time, as I drove my stint, my wife used the link from the email to set up an account. She created login credentials, securely registered her phone, scanned in her passport, did a biometric face scan, went through a credit-check and after a very short period was accepted for the service. She transferred money into the new Revolut account using a debit card from another bank already setup on Apple Pay and ordered her new credit card – all set for her next trip.
When we arrived for our next stop at the next coffee shop – still in Ireland – she offered to pay. She stepped forward and paid with her Apple Watch – with her new Revolut account, which had been set up on Apple Pay without needing to scan in a credit card. In the space of a few hours she was good to go with a live service. 10 years ago that same process would have taken at least 2 weeks to complete, maybe longer, and wouldn’t have delivered 25% of the functionality made available now. What will things look like in another 10 years?
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