00:03:54 · Adam, Vlad Yatsenko, Fred
[00:03:54] S0: Yeah. But even if the numbers I looked at were off, the one that like really shocked me was not like the total number of users. There's a lot of companies that focus on growth over everything. Right. And they have these crazy numbers on number of users. But it's number of like daily active or monthly active that was shocking to me because that's the challenge. Right? Like, if people are acquiring your product but not actually touching it, it's like it's a great kind of vanity stat, but it's not actually useful. Like the one that's really cool is actually seeing that like a material portion of those users are actually using it. [00:04:24] S1: Who is a Revolut user? The question we asked a lot when we were just starting before we launched and we were going through some acceleration programs for startups. And there was always this question, who is your customer? Can you define your customer? And at the time our product was defined in very simple terms. With Revolut, you can exchange, send and spend money anywhere for free. That was it. And I was like, whoever needs to do this is our customer or How any of relevant [00:04:57] S2: are these three things to your current offering today?
00:04:57 · Fred, Vlad Yatsenko, Adam
[00:04:57] S2: are these three things to your current offering today? [00:05:00] S1: They're still very relevant. They're still in the in the COVID It has to... Even when we add additional services, the cross currency element cross border is part of it. As as an example, we recently launched free stock trading. The first stocks we added US stocks, offered to European customers. Nice. Where before like you are in Europe, in The UK, just nominal fee you pay per trade is quite high. It's on average 10 plus pounds per trade. And then if it's foreign exchange, then just converting from your local currency to the currency of the stock when you sell this conversion back, you... Like this this affects risk, and then and then they charge you several percent fee on that. [00:05:51] S0: Especially if you're taking a, like, fairly small position in something. Like, if if I wanna buy, [00:05:54] S1: like Yeah. [00:05:55] S0: $200 worth of Facebook or, like, a thousand dollars worth of Google stock, like, you can get wrecked on. [00:05:59] S1: Yeah. It's like 10 plus percent you lose easily straight away just on the fees. So we eliminated this completely. It's like you can exchange at any convenient points you like, not fee, buy not fee, sell into the currency, decide when to exchange another currency, maybe you want to keep it and reinvest maybe again in dollars or we'll be adding other markets at some point as well. This is the element that makes all of this in line with our global vision, connecting different markets into one platform.
00:05:59 · Vlad Yatsenko, Fred
[00:05:59] S1: Yeah. It's like 10 plus percent you lose easily straight away just on the fees. So we eliminated this completely. It's like you can exchange at any convenient points you like, not fee, buy not fee, sell into the currency, decide when to exchange another currency, maybe you want to keep it and reinvest maybe again in dollars or we'll be adding other markets at some point as well. This is the element that makes all of this in line with our global vision, connecting different markets into one platform. [00:06:36] S2: So earlier when we were having lunch, you asked what was Flink's purpose? It's a great question it seems that it's something that probably occupies your mind even for your own business quite a lot. [00:06:46] S1: Looking forward like a couple of years in the future what does the Revolut purpose brings your platform and your abilities and features? What does that look like if a couple of years in the future in terms of being that global bank? A good example before Uber, what was your taxi experience, right? You probably were used to your local company or local similar service. [00:07:11] S2: As little as possible was the experience that I was looking for personally.
00:07:11 · Fred, Vlad Yatsenko
[00:07:11] S2: As little as possible was the experience that I was looking for personally. [00:07:15] S1: Yeah. And then with Uber you realize before you had to think, or when I go somewhere, even different city. Yeah. Right? You're like, how does the taxi work? What is... How do they charge? Where do you find it? How do you... What is the number I need to call? Yeah. Now it doesn't matter where you go. You just land there, open the app, press a button. You know how much it's gonna cost. In your currency, you don't even have to... In some countries, you have made some language barrier. So these problems completely disappear. People don't even remember they existed those problems. Yeah. Right? Yeah. So this is kind of an element at that time, some ten years ago, that maybe was like no one even thought about how that would look like. Yeah. Now it's Yeah. Unknown. Right? Everyone expects that. Similar with finance, I think the way where we're gonna end up is what we're doing now and for some seems like, oh, wow. Revolut. It's like, oh, you you saved me so much money. Oh, it's so convenient. Several years ahead and people will be like, yeah, this is how it should be. [00:08:24] S2: Yeah, they're gonna have forgotten about the problem [00:08:26] S1: Yeah, and there will be, I'm sure, other problems to solve. Yeah, yeah, yeah. But for us is to get to that stage, that'll So be [00:08:36] S2: when you look at like impact and distributing your brand and technology and solutions, [00:08:41] S1: do
00:08:41 · Vlad Yatsenko, Fred
[00:08:41] S1: do [00:08:41] S2: you have a clear sense of a vision of like five, ten years in the future, just the sheer size for context? The speed at which Revolut has grown is I believe unparalleled in finance for many reasons and we'll get into that a bit later. But if you look at the trajectory it can take many let's say destination but is that something that you guys have and that you specifically have in mind as like how large of a presence do you see Revolut having in finance? [00:09:10] S1: I think it's a more directional way than specific numbers, specific size. Five years time the size of global population will be different as well. We... Directionally, we're targeting to become the first trillion dollar company serving all the major markets and as much as we can. It's hard to say. We don't have like... Yeah. Crystal ball. Knowing... Yeah. There's no crystal ball, first of all. Just from experience, just to give you some perspective, right? When we started our plan, the actual business plan for the first semester, etcetera, was very different. Like, it was counting 30,000 users after year one. Right. And when we launched and after a year, we had 300,000 users. Right. Which we didn't plan for. No. Right. It's a [00:10:05] S2: good problem to have when
00:10:05 · Fred, Vlad Yatsenko, Adam
[00:10:05] S2: good problem to have when [00:10:06] S1: you 10x your Yeah. There was a point of, you know, fighting for survival. Yeah. You know? Yeah. Accepting all the the market demand. Yeah. And then, you know, we survived and started kind of controlling that, figuring out how we scale, etcetera, looking for ways to to grow, maybe even fast in some areas. I would say it's more natural and part of our culture mindset or how we approach things is flexibility, being able to adapt to changing conditions. [00:10:37] S2: Yeah. [00:10:37] S1: This is where a lot of businesses where they would have, you know, like a fast stretched goal somewhere in the future, and they will just go there. Yeah. You know, the markets Mhmm. Go maybe their own way. Yeah. Yeah. Right? The world doesn't exactly, you know, align to what you think think should be. [00:10:56] S2: It's almost as if you bet on luck, you're too focused on one particular path. Yeah. I guess. Yeah. [00:11:02] S0: What have you found is, like, the hardest part of your business to scale? So, like, you guys obviously don't have a problem acquiring users, launching in new markets, but, like, a function or something in your business that's hard to keep up with?