Round of D series for Revolut, a fintech company founded in London, which reaches a valuation of 5.5 billion dollars and is among the most valued fintech in the world. Elena Lavezzi comments on the recent growth and explains the impact it will have also in Italy.
What are the Revolut Winning Points in an increasingly crowded market, particularly in relation to the strong increase in users and revenues during 2019?
Our goal is to create the first full global financial platform, for any kind of needs of our users in terms of managing their finances. This ranges from simple budget control and analysis tools that allow people to effectively track their expenses, to travel insurance and access to airport lounges, as well as investments in cryptocurrency or fractional Nasdaq or Nyse shares. It’s all accessible from a very simple and intuitive app, with very high standards of security and customization. Our users and their experience are our priority: this is the strong point that has led to the development of a product appreciated by over 10 million people.
Will the new investments also lead to an increase in the offer in Italy? And the workforce?
Both products, retail and business, will be constantly improved and enriched with new and more advanced functions features and services, always with a view to responding accurately to the needs of users and the market. Our staff is constantly growing, today more than 2000 people work at Revolut and to face the expansion we are hiring both in London, our headquarters, and in other European and non-European countries. In Italy we are currently looking for a person to support the growth of Revolut Business, a product that has already reached over 300,000 companies in Europe.
How is Revolut growing in our country?
We have reached 400,000 users in Italy, showing significant growth since last summer, when we created the local team and the headquarters for Southern Europe in Milan. Our product is successful and Italian users are open to both technology and fintech, especially when it offers the possibility to carry out operations more efficiently. 2020 will certainly be an important year for growth.
What characteristics does your Italian market have as a type of customers/top products?
The average age of our users is 35 years old, so they are not only very young but also adults who use Revolut because it responds to needs that are not satisfied – in a way comparable to ours – in other existing services: sending money abroad without hidden commissions, converting Euros into other currencies, making donations for a charitable cause, using disposable cards for online purchases, checking every single expense from your mobile phone in real time, investing from $ 1 dollar and much more.
Sandbox fintech in Italy: what do you think?
It’s always positive when you create tools and opportunities to promote innovation processes in our country. Thanks to the Sandbox, Italian fintechs may no longer have to go abroad to grow. This in the medium-long term could contribute to creating a competitive ecosystem, able to finally attract capital as well as more foreign players.
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