The value proposition is simple, appealing and what I would expect from a digital financial institution (Dani Cukierman)
Well, Revolut is not a newcomer to the market, with over 500 employees and over $300M in funding it certainly takes a place amongst the more established startups.
Nevertheless, I visited their website a few days ago and could not overlook the clean and appealing value proposition which in my opinion reflects in depth understanding of consumer needs and market possibilities.
You are all very welcome to visit their website at https://www.revolut.com/, but I feel compelled to highlight here what I liked so much:
First everything radiates simplicity. I could feel how easy it is to open an account just looking at the white page (unfortunately I could not do so because they don’t operate in Israel yet).
Then it says, “manage your money” and highlights what it means (budgeting, saving on a small scale and spending notifications).
It then appeals to our global developing nature and says, “travel with ease” (spend abroad, withdraw money abroad and insurance abroad at the tip of our fingers). It stresses the fact that we pay too much in fees when we are abroad (we hate that) and demonstrates in numbers the saving.
And to complement all this it tackles the money transfer simplicity and low rates of fees.
We have seen in Israel the amazing successes of Bit https://www.bitpay.co.il/ the Poalim Bank money transfer app and it even lacks the budgeting, international transfers and use abroad. We hope to see more and more if these kinds of solution rise and compete in ease of use, pricing and global reach.
We believe (and hope) to see more of these apps develop as platform for other service providers like what Revolut is doing with the insurance (I am not sure if they outsource it). We expect to see lending ability, insurance, payments, bill review and more and more…
We also expect each of these platforms to become some sort of a marketplace where they enable different service providers to API to the platform and render their services while the platform just insures the standard of service.
We are excited to see these developments and hope to see more soon…