Why has Revolut suddenly started emailing its customers?

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TheJackal

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Online rumours Revolut could be on the brink.

Do Irish customers have deposit protection if it did go under?
 
Really?

I would be surprised if they are in trouble, given they only raised funds ($500m) recently.

I've also seen something about them peppering to roll out a new logo and branding, which suggests to me that they've too much money, rather than too little, tbh.
 
TheJackal said:
Online rumours Revolut could be on the brink.

Do Irish customers have deposit protection if it did go under?
Click to expand...

Read through some of the discussion on this thread. Revolut isn't acting as a bank but rather a money transfer agent and therefore the deposit protection scheme doesn't apply but rather they are supposed to segregate customer cash from "own funds" under client money regulations and therefore should be ring-fenced if there was a problem.
 
TheJackal said:
Online rumours Revolut could be on the brink.
Click to expand...

I wasn't aware of any rumours until I got this letter this morning from the CEO.

A message from our Founder & CEO​

Hey Brendan,

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. You have my word that we are doing everything we can to support our customers at this challenging time.

The Coronavirus pandemic is causing unprecedented movement in financial markets. Naturally this can be alarming and can allow rumours and false information to spread quickly. To put your mind at ease, I’d like to make Revolut’s position super clear.

We raised $500 million last month
Last month, we raised $500 million from investors. We were delighted with that vote of confidence in our revenue generating business and its ability to deliver transformative services for our customers. So I want to make clear that for Revolut it’s business as usual.

Supporting our teams
Revolut is a digital, cloud-based company. So it’s fairly easy for us to arrange for our people to work from home. That means that our 2,000+ staff can and will continue to support you wherever they are and wherever you are.

Supporting you
As always, our customer support agents are online 24/7 to help you. Our dedicated teams are reviewing the situation every day so that we can adapt to any sudden changes and we’re monitoring your Coronavirus questions to help improve the quality and speed of our service.

Thanks again for choosing Revolut, and stay safe out there.​
 
They had been hiring senior execs over the last 3 months including new products such as investments. Not that "new tech" companies haven't been known to hire even when in trouble in the past.
 
I think it is fair to say that a lot of firms are facing problems, but I would expect given the service Revolut provide that the revenues should be ok. I have a friend who works in the FX space at a small player in the market and they apparently recorded their best month as people have increased the money they are sending back home.

Was there any details in the rumours as to what is causing the issue?

I have been using their service more as I have some commitments in the UK and have been taking advantage of the rate.
 
Revolut likely to do well now there is a move away from cash. Certainly N26 hasn't taken off as well as Revolut
 
Marketing..... I attended an event in Dublin hosted by Revolut a few months ago and their strategy / aim is to become the App / Service that you use to manage all of your financial needs. Things that I noted of interest that may become available

1. Round ups can be used to invest in an ETF portfolio.
2. Expansion of the low cost share service
3. Interest on Vaults (already available in UK)
4. Childs App - I thought this was a simple idea, you can sign your child up and give them cash and control what shops they can spend it in. Also a version for teenagers that give them more control.
 
I transferred sterling from my Revolut account to my UK bank yesterday having bought last week. Thought it safer and I can now use my UK bank debit card for purchases.
 
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