He specializes in news distribution, social media, and content analysis. Revolut was forced to issue a public statement, which said the rumours were “false information”. Client money has to be kept separated from the company’s finances, so even if Revolut were to go bust, you’d get your deposits back. Profit = Revenue – Costs. The implication of this point is that the basic profit equation is to deduct the appropriate costs from the total revenue that the business achieved over the same period. Highly educated, well paid and tech-savvy: the profile of a typical Swiss client of a neobank is very much synonimous with the average Swiss banker. Nikolay Storonsky, Founder & CEO of Revolut, at the MoneyConf event at the RDS Arena in Dublin in 2018. Jordan Edwards, 27 from London, is also concerned about how safe his savings are with Monzo. And that if it does there's no guarantee that you'll get your money back from them.". Monzon became the most switched to bank at the end of 2019, but the established names still have millions more banking customers. Kids aged 6-15 will get their own prepaid Mastercard, paired to an adult HyperJar account. (Note: The only other difference is that Revolut can not offer lending services) If revolut goes but, you will most certainly lose most (if not all) of your money and shares. Swiss Attorney General: It All Ends in Tears? Staff numbers surged to 2,261 from 633 – a consequence of the company's acceptance that machines wouldn't suffice to provide the services to 12 million clients in 35 countries alone. Revolut was first founded in 2015 as an alternative to traditional banking. Revolut has insisted that this is not true. Earlier on in the pandemic rumours circulated that the firm was at risk of going bust. Customers are moving their money out of Monzo and Revolut over concerns the digital banks are still not managing to make a profit. Listen to live Premier League matches on talkSPORT. Welcome to Everly.eu’s weekly summary. But their sheer scale and different revenue streams mean they enjoy diversified income in a way the digital banks cannot yet rely on. The prices have started to come down in the business with Swiss payment cards. Listen to U105, Northern Ireland's Best Mix! The company has since sent a message to its customers on the issue, on behalf of its founder and CEO, Nikolay Storonsky. To put your mind at ease, I’d like to make Revolut’s position super clear. After the injection of £500, the bank became the most valuable European fintech and in July, it managed to attract a further $80 million. Revolut can only be its own downfall, if not a new rival is to emerge that holds an even bigger appeal to investors. The unicorn-status isn't far off. The message, which was circulated widely on social media, read: "Get all of your Revolut money out of your account ASAP. Read also: Revolut finally launches in the United States, “For Revolut it’s business as usual,” says CEO Nic Storonsky. The company increased its income to £163 million in from £58 million a year earlier. The absence of a license means that your money is not protected if for any reason Revolut was to go bust. On Air Q102 - Listen Live ... Revolut issues statement on 'going bust' rumours spread on social media. Uber had a loss of $8.5 billion in 2019, ten years after its launch. Revolut customers too have been voicing their concerns. Revolut have issued a statement amid rumours that the company is set to 'go bust.' This is being even more fueled by people on Twitter telling customers to withdraw all their cash from the neobanks. Revolut have issued a statement amid rumours that the company is set to 'go bust.' 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', Yesterday, a message began circulating online, claiming that the company was set to go under, allegedly putting the funds that people have in their accounts and savings vaults at risk. Storonsky, the former trader at Credit Suisse, has the banking rivals where he wants them. Despite their growing user bases, Revolut’s losses tripled to £106m in 2019 and Monzo’s more than doubled from £47m to £114m. But to take this and conclude that Storonsky eventually will go bust is based on a fundamental misunderstanding. Yesterday, a message began circulating online, claiming that the company was set to go under, allegedly putting the funds that people have in their accounts and savings vaults at risk. Deposits held by Monzo are covered by the Financial Services Compensation Scheme, while Revolut has a different way to guarantee savings are protected. 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The company has since sent a message to its customers on the issue, on behalf of its founder and CEO, Nikolay Storonsky. So it's the disruption, stupid, one might conclude, using the dictum by famous U.S. adviser James Carville. The billion-dollar IPOs of Facebook and Uber showed how this works. Revolut customers too have been voicing their concerns. Tadhg is working in a stockbrokers and text David's groupchat to tell them that it was about to go bust. The Coronavirus pandemic is causing unprecedented movement in financial markets. While Monzo customer’s balances are fully protected up to £85,000 by the Financial Services Compensation Scheme (FSCS) – Revolut does not offer the same security on its customers’ funds, prompting the stockbroker source to say “there’s no guarantee that you’ll get your money back from them”. In this, Revolut is following in the footsteps of other major digital disruptors. On Air U105 - Listen Live ... Revolut issues statement on 'going bust' rumours spread on social media. The system of the disruptor works as long as he can generate growth and prompt investors to stomp up new cash. Revolut was first founded in 2015 as an alternative to traditional banking. Revolut has disclaimed this as “fake news”, and Monzo has assured their customers that it is “here to stay”. Naturally, this can be alarming and can allow rumors and false information to spread quickly. I also have accounts with Halifax and Lloyds – both of them have really improved their apps which now give me instant spending notifications like Monzo.”. The last weeks have been tough everywhere so I’d like to start this message by sending my best wishes to you and your family. The upcoming economical crisis caused by the Covid-19 pandemic makes people focus on the financial health of the so far non-profiting fintech companies as Revolut and Monzo are. And yet, Revolut remains deeply misunderstood. Menu Navigation. But the Swiss players know all too well that growth in (cheaper) digital services will lead to lower profits and dividends. The message, which was circulated widely on social media, read: "Get all of your Revolut money out of your account ASAP. Revolut has since labelled the rumours as 'fake news.'. We were delighted with that vote of confidence in our revenue-generating business and its ability to deliver transformative services for our customers. Or sometimes not, as has been evidenced by the failure of the Wework IPO. Users took to Twitter to ask if their money was safe and whether they should move it elsewhere. Nic Storonsky continued responding to the wave of viral misinformation on social media. Revolut and Monzo have both quickly responded to rumors circulating last week. Revolut has since labelled the rumours as 'fake news.' You have my word that we are doing everything we can to support our customers at this challenging time. The sources of these rumors included “a friend whose dad works for Monzo”, and an employee at a stockbroker who texted a group chat saying Revolut “was about to go bust”. Nikolay Storonsky, Founder & CEO of Revolut, at the MoneyConf event at the RDS Arena in Dublin in 2018. And that if it does there's no guarantee that you'll get your money back from them.". Replacing a lost card will cost £5 and withdrawals adding up to more than £250 over a 30-day period in Britain or Europe will incur a fee of 3pc. If the bank goes bust, the state-owned insurer is on the hook. Last month, we raised $500 million from investors. The last weeks have been tough everywhere so I’d like to start this message by sending my best wishes to you and your family. Revolut and Monzo combat rumors of their collapse, Revolut finally launches in the United States, https://www.fintechfutures.com/2020/03/uk-challengers-revolut-and-monzo-combat-claims-they-are-going-bust/, https://www.finextra.com/newsarticle/35504/revolut-and-monzo-refute-rumours-of-imminent-collapse-revolut-launches-in-us, As stores in the UK close, cash usage drops to half, HyperJar is offering free Kid Card for children aged 6-15, Revolut’s CEO Nik Storonsky is the first Fintech billionaire, Anne Boden addresses the crisis in Starling which created Monzo, Visa’s Plaid takeover faces antitrust scrutiny at the DOJ, Thomas Dodson joins N26 as Head of Engineering in the US. Revolut has since labelled the rumours as 'fake news.'. Or Revolut accused of being on the edge of going bust. However, customers are concerned the challenger banks do not have the staying power of the incumbent high street giants. Its losses were £52m last year. Current account switching data does show that the start-ups are gaining ground. Many were attracted by their high-tech apps and speedy sign up process and Monzo and Revolut now have around four million and 10 million global customers respectively. The rumors suggested they could be going bust as the coronavirus continues to take its toll on the world’s economy. Cathal Morrow, 54 from south London, decided to move his money out of Monzo after seeing its latest results. And yet, these companies keep growing, following a strategy of long-term growth over short-term profit. Menu Navigation. Revolut has since labelled the rumours as 'fake news.'.
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