To everyone or just those paying the metal rates already?
It certainly will drive growth, but it’s not everyday that you have a competitor like Revolut enter the market, so there undoubtedly will be some level of market share take here, assuming they do a full launch to their entire user base.
Not clear from the interview.
Considering that other robos offer 0.7% for everyone, it would only make sense to have 0.5% for all and maybe less for the metal users.
It would be interesting to see the % of Revolut customers who have the appetite for investing. Just because they have 1 million+ users doesn’t mean they all want to invest - also I don’t know what their U.K. customer size is and again what % wants to invest.
People come to Freetrade because they want to buy shares etc. Not sure what people go to revolut for.
It certainly means Freetrade should not sit on its hands, at this stage of growth all the stops need to be out.
To add: having said all that however I think revolut is a risk in Europe where there is no real competition and so they could sweep up - Freetrade need a Europe presence soon I think.
Interesting article - The one year waiver from regulatory sanction is quite a concession!
Is that from all regulatory sanctions? The why Lithuania question answered then. I thought EDIS was a real thing since everyone talks about it all the time
Interesting read, thanks
Good luck to Revolut to ship their platform before 2023
That’s a juicy read
Edit: what does this tweet mean by the deal to “white label”?
It’s alleging Revolut wanted to badge Freetrade’s product as their own, and pay a fee for doing so. Tweet not available?
It’s a “reliable source” now
I hope Revolut are looking for engineers who don’t ship!
I’ll be a “reliable source”. Andre didn’t ship. Engineers ship. Zero cultural fit or collaborative either. Congrats on the hire Revolut.
Edit: why my gif no show?!
But all joking aside, isn’t this a clever hire as they’ve just bought direct insight into Freetrades ‘secrets’. Even if he doesn’t deliver he can still divulge Freetrades partners, agreements, costs, plans etc? This, surely, is bad news for Freetrade shareholders as IP is given over to the competition. On that note - does he still hold shares in Freetrade? If so that will be an issue for any future crowdfunding round, right? He had/has a 10% stake right?
These things move quickly. What was relevant 6 months ago won’t be now
He’s not a significant shareholder or shareholder at all according to the latest filings with companies house (2 major holders are):
Confirmation statement showed 3,520,000 A shares, https://beta.companieshouse.gov.uk/company/09797821/filing-history but no doubt (right?!) there was a punchy non-disclosure or clawback clause in either his exit agreement or his terms or service.
But anyway, Revolut’s needs will be different. Neither Freetrade shouldn’t worry about it, just stay focussed on building the best business possible .
Is this from the latest confirmation statement? I can’t find that number in there…
Look like it’s at about p57 of the 27 Sep 18 confirmation statement. Mohamed, Andre.