Nik Storonsky was in a cheery mood as he visited the world’s biggest luxury yachtmaker on a drizzly day last October.
"Storonsky has built his UK-based fintech giant in his image: moving fast and seizing opportunities, while often ruffling feathers along the way."
Revolut is an interesting phenomenon: loved by most, hated by some, used by everyone.
The payments company has gone from a scrappy start-up to an institution that even Wall Street envies. Its most recent share sale gave it a $115bn valuation — larger than every UK bank bar HSBC. Now, it wants to expand its nascent credit business into a full-service bank and disrupt the industry much as Ryanair has transformed aviation.
It soon won over younger customers with its slick mobile phone applications and low exchange fees.
And now they're a full-fledged bank, not-so-slowly trying to make inroads into America's hopelessly tech-backward banking system.
If it succeeds, every financial services firm in Europe will have to take notice. An offering that includes a private bank to compete with wealth managers, lifestyle perks to take customers from American Express and payment services that undercut high street banks could have a profound impact on European banking.
and their finances/revenue legs are healthier and more widely distributed than most other banks. #1463559
Despite being awarded a slew of banking licences, including by the Bank of England after a protracted delay, some consumers still do not trust Revolut enough to deposit large sums — possibly because of a history of sloppy internal controls and risk management.
This slew of products means Revolut looks less like the banks it hopes to usurp and more like the Chinese “everything apps”, such as Alipay and WeChat, which serve as payments platforms but bolt on a host of other services for their users.
The "everything" aspect of the app is definitely its most appealing feature. I have hotel bookings, airport lounge access, insurance, fiat money (and bitcoin top-ups), transfers etc. Astonishing, really. If only they would be more hostile to regulators and refuse to enact/enforce stupid rules (#1417296)... a kid can dream.
Jajodia says Revolut will still move faster than other banks because it is underpinned by technology that it owns and controls, while they must contend with a patchwork of legacy systems and third-party providers that have never been properly integrated.“That’s what brings us speed. It’s not a lack of control or a lack of scrutiny,” he says.
archive: https://archive.md/AQHJ2
How easy is it to hold your main balance in sats and buy various fiats as needed?
Click of a button; same as any other currency (just a little bit more expensive, I suppose, with larger spreads and tx fees for "crypto" than for e.g., EUR/USD)
they wanna be the biggest piece of crap in the dump
Tell us how you really feel
They run on two confusions, that you mistake custody for ownership, and that you mistake their shitcoin for bitcoin. A bank playing exchange, an exchange playing bank, you're not a customer of either, you're the product of both
Then why we use cowboy credits, bruv?!
You're right. Cowboy credits can't be withdrawn, I'll give you that win. But that's like pointing at a campfire and saying 'you can't put this in your pocket. Congrats, you've identified the wrong metric for the wrong thing.
Withdrawability is a feature of money, Cowboy credits are not money, they never were, they were never advertised as money, they are reputation with a price tag, and reputation, my friend, has never been withdrawable, it's earned.
You're comparing Revolut (a bank that plays exchange, that takes your fiat, gives you a number on a screen, lends out your deposits, charges you fees, and hopes you never ask for the real thing) with Stacker News (a community that gives you credits for contributing, that lets you tip others, that creates a market for attention denominated in the language of Bitcoin).
One is a vampire., the other is a garden. The vampire takes your blood and gives you a receipt and the garden takes your seeds and gives you more seeds, you can't take the seeds out of the garden, that's not a bug, that's agriculture.