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Revolut building towards primary banking

Revolut building towards primary banking

David Tirado Blanco, VP profitability and global business, Revolut, appeared at an opening session of Money 20/20 today where he stated that their key focus moving forward is to “go deeper into primary banking”.

This statement comes after several key announcements by the fintech in the last few months, including gaining their banking license in Mexico, having their valuation raised by 45%, and increasing their headcount by 40%.

Blanco started by discussing Revolut reaching a stage of maturity. He said: “We want to be the primary banking platform for all our users. On that front, we have to keep evolving our product, keep innovating with new propositions that are delivering services that are 10 times or 100 times better than what [customers] are getting today in the market.”

He added that they are also working on expanding into different areas. Blanco stated that in the past their core demographic has been 30-to-40-year-olds, but with expansion into new countries they have seen a younger demographic. He noted that if asked what their target market is, they would say “our target market is everyone. We really want to achieve, you know, full penetration across the different segments.”

Looking to the future, Blanco said: “From a product perspective we will keep being that daring brand. From an expansion perspective, when we go into new markets we will keep focusing really hard on making sure that we have an impact.”

In the meantime, Rveolut continues its long wait for approval from British regulators for a UK banking licence, where it faces a number of issues over the size of its customer base and consequent robustness of its financial controls, concerns about financial reporting standards and high turnover of senior management.

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