Revolut is coming 
Adam and team - hurry up, execution is key.
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We launched 10 months ago.
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Sounds defensive Iām your fan and investor, but chances are Revolut will have 6m customers right away once they are launched given their existing customer base. So technically Revolut has time and I guess you guys are working 24/7ā¦
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What Revolut are proposing seems entirely different to what Freetrade are actually doing
People have been saying āonce they have launchedā for what seems like half my adult life
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I agree with your point, start-ups/Freetrade do need to move quickly as itās competitive. But I will call you up on the above quote (as Iāve also heard someone say this before), would you say Revolut have 6m crypto customers?
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Would you say Revolut actually have 6 million customers of any description?
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Revolut has 6 million accounts but the amount of actually active users is way lower. I have a revolut and monzo account. Monzo is my main account Revolut I only use on holidays. Revolut clearly has a trust issue.
I am only worried about the variety of stocks that could hurt Freetrade. For a company like Freetrade that wants to be more focused on the long term investor I think it is not great to have a low variety on ETF products. That should be the focus.
I still havenāt invested my funds into Freetrade since it does not have enough ETFs (I.e. small caps and smart beta ones) at the moment.
If revolut comes out tomorrow with a lot more options I could see people eventually moving over.
I really hope Freetrade can soon (next 6 months) offer more ETFs or it might lose me as potential investor.
There are also a few drawbacks to Revolutās approach:
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They will likely suffer from feature creep. If they keep adding stuff in their app theyāll start having discoverability issues. If users have to choose from dozens of unrelated features (including airport lounge passes and insurance), the likelihood that they adopt all of them decreases.
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They wonāt be able to offer a world-class experience for their investing product if itās hidden in the last section of the app. There is value to a truly focused product, especially one that helps you manage your investable assets. Will they be able to create an experience like Freetradeās Discover tab? If so how? By nesting it in a sub-menu?
Revolut is really facing an interface problem, and if they decide to spin it off in a new app, then leveraging their existing customer base will be more difficult (reluctance to download + adopt a new app).
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Agree, it may be crowdedā¦ theyāll find a way thoughā¦
What does ācrypto customersā mean in this context? How is this relevant?
Just because a feature is available doesnāt mean itāll be used. Revolutās crypto offering is an example, how many use it?
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Revolut has a trust issue? How come?
Actually there is a tendency for apps to go in this direction (see AliPay). It has made it irreplaceable in China.
Sure. Revolut is not as trusted as Monzo as an everyday bank account. Why?
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Revolut is having a Lithuanian Banking License. Any serious issues and you have to deal with Lithuania.
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Revolut has a slow customer service unless metal card owner
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Revolut grows at a crazy pace, which makes Revolut more risky than other startups.
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Revolut, since they have a banking license and not enough customer support to keep up with the demand they block accounts almost randomly that look suspicious. It then can take weeks/months to access your funds.
All of this makes it unusable as an everyday banking account at the moment.
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I agreed with this as it happened with me and my friends few timesā¦it is nightmare
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I agree with the random account blocks and that it might take weeks to gain control of the account again. I guess it must not be easy to keep hiring people to keep up with that kind of growth (16k accounts a day). However, some other points are not fair. I have had the basic account for 3 years and I usually get an agent in 1-3 minute most of the times. The fact that a startup grows at a crazy pace, it actually makes it less risky because scaling will allow it to reach critical mass faster.
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Sure. Not all points might be 100% valid.
The point with a startup being more secure the faster it grows yes but it depends more how it grows.
Monzo has a niche and a growth plan that seems more reasonable. Focusing on english speaking countries first tailoring to local markets rather than just pushing products out that are rushed.
The Revolut app is becoming more and more bloated. It wants to do everything. Not sure if thatās the best strategy but only time will tell.
Freetrade might beat Revolut in terms of free stock trading and monzo might beat it as a bank account. Whatās left?
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Yes, thatās true. Monzoās plan sounds more realistic and reasonable. One step at a time. But their business model is still lacking. Iām a Monzo shareholder btw.
The thing that worries me the most is Revolutās growth. They will have at least 8M customers by the end of the year.
Furthermore, Revolut uses mostly third parties. This is not a problem in itself, but when something goes wrong Revolut does not take any ownership and puts the onus on the customer to prove that money was sent / not received while hiding behind legal language and referring to their T&Cs. This happened to me when transferring 10K for a mortgage, which never arrived. It took me a month to get this resolved and it was one of the most frustrating and aggravating experiences in my life.
Compare that for example with a company like Amazon, who are also using third parties but are having a much more customer centric approach. When a delivery goes missing, they simply refund you while they investigate the issue in the background.
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