
Losses at Revolut more than triple to £106m - m33k44
https://www.telegraph.co.uk/technology/2020/08/11/losses-monzo-rival-revolut-rise-105m
======
tempsy
I had the worst interview experience there (contacted on LI and agreed to
interview). Totally unnecessarily drawn out interview process that took
months, with a long homework exercise only to be dinged at the very last
interview with a “walk me through your resume” interview (are you kidding me).

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saos
Honestly. I do not blame you.

[https://web.archive.org/web/20200406205828/https://jobs.leve...](https://web.archive.org/web/20200406205828/https://jobs.lever.co/revolut/7445f477-6ba8-43e8-ab50-fa61cb303630)

~~~
ccmcarey
Ridiculous, they care about a 10+ year old GPA?

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LatteLazy
Yeah, and (as a brit) wtf does "60% (UK)" even mean!?

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ashconnor
2:2 I imagine.

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ddek
It’s a rock bottom 2:1.

I find this odd. Generally a 2:1 equals a GPA between 2.8 and 3.2, depending
on how strong it is.

The UK degree requirement is very soft in comparison to the others.

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jbob2000
I work for a bank. We only make money on credit cards and mortgages. The fees
for regular banking stuff like accounts, cheques, etc. barely cover the
expenses for operating them. And this is after decades of MBAs and executives
trying to find ways to profit off of them.

Unless Revolut gets into lending (aside from the overnight market) I think
there is little opportunity for them to make a profit - It’s like trying to
run a bar without serving alcohol.

~~~
sixhobbits
I've always assumed that they make their money through mining customer data
and merging it with e.g. Facebook Pixel datasets etc, but I have no evidence
for this. Just seems like the 'obvious' business model for a tech-focussed
bank as I assume that traditional banks have more difficulty in adapting their
systems for these kind of use cases and I don't see how they could offer so
much for free based on small monthly fees from a handful of people.

That said, they're also looking more and more like they might become the
Robinhood of Europe, which brings its own revenue models.

~~~
jbob2000
Normal banks do this too, it’s not that profitable. We mine your credit card
history and form partnerships with companies that appear on a lot of people’s
statements. _We send you our customers, you advertise our credit cards, win-
win!_

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godzillabrennus
Companies buy data on who buys their products if they have a wholesale/retail
distribution model. Unlike DTC they don’t know who buys their stuff so they
don’t know who to target.

Buying our credit card data is a big business.

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LittlePeter
Maybe a way out of these losses is to have employees working weekends for
free? [1] Maybe a new CFO? [2]

[1]
[https://twitter.com/phillipcaudell/status/110108122935141580...](https://twitter.com/phillipcaudell/status/1101081229351415808)

[2]
[https://news.ycombinator.com/item?id=19279746](https://news.ycombinator.com/item?id=19279746)

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aosaigh
This seems to be a sensationalist headline. Their revenue is up and they are
spending a lot to expand into new markets, hence their losses will be high.

> Revolut’s revenues increased sharply to £163m in 2019, up from £58m in 2018.

> Revolut has been expanding heavily over the past year, with the total number
> of employees of the company rising from 633 to 2,261 by the end of 2019.

As someone who spends a lot of time between € and £, Revolut has been an
absolutely huge money saver. I don't like their reported working conditions
and I wouldn't keep savings there, but there's no denying that they are a
useful product.

~~~
heavenlyblue
You can also use Monzo

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smnrchrds
Are deposits at Revolut government-insured like deposits at a regular bank
are? If not, what happens if Revolut goes out of business?

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jamesfmilne
[https://www.fscs.org.uk/what-we-cover/banks-building-
societi...](https://www.fscs.org.uk/what-we-cover/banks-building-societies/)

You are protected up to £85k per bank.

~~~
smnrchrds
Their "Protection Checker" has this to say about Revolut:

 _Revolut Ltd (FRN:900562)_

...

 _None of your money is protected by FSCS_

[https://www.fscs.org.uk/check-your-money-is-
protected/](https://www.fscs.org.uk/check-your-money-is-protected/)

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eruci
I have a Revolut debit card/account but I've never used it. Why? I can not
fund it via PayPal, Stripe , etc.. making it useless in my case. They should
learn from Transferwise.

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Havoc
Not surprised. I’ve used them for travel but don’t think they made any real
money off that. Doesn’t seem like much of a business model

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enkid
Paywalled

~~~
sixhobbits
[https://telegra.ph/Losses-at-Revolut-more-than-triple-
to-106...](https://telegra.ph/Losses-at-Revolut-more-than-triple-
to-106m-08-11)

