Issue link: https://maltatoday.uberflip.com/i/1338640
6 INTERVIEW 11.2.2021 How has the COVID-19 pandemic hit Revolut's business and growth projections? Coronavirus has changed consumer behaviour all around the globe. Initial- ly there was a fall in travel spending and lockdowns reduced interchange revenue as customers switched to lower value domestic transactions. That being said, Covid also acceler- ated the move to digital banking and digital spending for citizens across the world as people began to see that it was very easy and simple to run their financial lives from an app. What new revenue streams did Revolut introduce to counter the losses that stemmed from the pandemic? We have seen products like crypto and trading continue to do very well. We are still seeing healthy customer growth as customers use our budg- eting tools, rewards, bill splitting and savings vaults, so Covid accelerated what we were doing in terms of diver- sifying our offer to customers so that more and more use Revolut to manage all of their regular everyday spending. We've also launched new products and services, including launching Rev- olut Junior and Commodities trading. We rolled out operations in some new markets – the US, Japan and Australia – and are now focusing on our bank in Lithuania as well as offering banking services there and in Poland. With increasing competition, how does Revolut plan to step up its game to reassure investors that its business model is viable? We plan to do what we have always done, which is to focus on our offering so we can be sure to meet and exceed the needs of our customers. Our goal for the next few years is to continue to perfect our financial services super- app so customers can use Revolut as a one stop shop for all their financial needs and manage everything from a single app. How many customers does Revolut have? Which markets do you foresee targeting in 2021? Revolut has over 13 million custom- ers worldwide and counting. In 2021 we plan to shift our focus to the US, after launching in March last year and the APAC region as well following the launch of Japan and Singapore. We will also look to some new mar- kets, including India and the Philip- pines. Which of Revolut's features are the most popular among customers? We have many popular features on offer for customers to use, which in- clude Revolut Junior and our Premi- um and Metal plans. Trading, crypto and commodities are extremely well liked by retail customers as they get the rare opportunity to begin trading and investing at a low cost and can get fractional shares. Our budgeting and analytics tools are also in demand as they give customers informative in- sights into their finances and spend- ing habits. Revolut has had its European banking license approved, though this has yet to be finalised. Why is this important for customers? Revolut Bank is currently opera- tional in Lithuania and Poland with insurance protected deposit accounts and consumer credit offers. Receiving a licence in Lithuania has allowed us to expand our business in the rest of the EU. Revolut intends to passport its European banking licence to other Central and Eastern European coun- tries in the coming months, and Malta is also on our list. Why should a business choose From app to bank... how Revolut aims Since Revolut took Malta by storm in 2018, the financial app has gobe on to introduce new features and services that make it even more essential for so many. From daily purchases to life savings, insurance and investments, Revolut is helping millions navigate their finances with ease. ELENA LAVEZZI, Head of Southern Europe at Revolut, tells us what to expect from the revolutionary financial technology company in 2021