Revolut hosted its first RevRally event at its new London HQ in Canary Wharf. Attendees had the opportunity to hear 3 keynote speakers, sharing exciting revelations in the fields of trading, compliance technology, and international expansion. With 700,000 transactions per day and 16,5000 account openings on daily basis, Revolut has been achieving a stratospheric growth since its launch. The team has been rapidly launching new products and bringing customers on board. They are soon to reach 2.5 million users an impressive feat for this tech unicorn.
Much of the night’s chatter was centered around Revolut’s disruptive new growth strategy that aims to disrupt traditional banking even more. Much of the plan for global domination hinges on their commission-free stock trading platform which they hope will become mainstream within the near future. The masterplan of expanding into the United States, Canada, Singapore, Hong Kong and Australia draws on the need to effectively localise its products in order to globalise. Unlike many companies in the space Revolut is ahead of the game when it comes to brand awareness and marketing strategy, however there is still much to be done to make this a staple product in everyone’s smartphones.
“The current trading platform is too painful with a number of hidden fees that we cannot see”, says Guy Davis, Product Owner at Revolut, who shared Revolut’s philosophy of “total simplicity, total visibility and totally commission-free.”
Through this disruptive outlook, Revolut is also making changes on the compliance side, with a plan to build an in-house global monitoring system. Product and service teams will collaborate together towards providing global anti-money laundering and counter terrorist financing solutions, along with the ongoing support services.
As Ethan Waldie, Data Scientist has put it “Such system simply does not exist yet and we are working towards building something truly unique”.
Revolut’s motto is ‘never settle’ that often takes them down a road untrodden by traditional banks with the aim of disrupting the industry. The prospects for innovation are high and we are excited to see what magic this unicorn can produce.
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