YouSaid · the spoken record

Antoine Le Nel

lines on the record: 79
first: 2024-10-18
most recent: 2024-10-18
sittings or episodes: 1
sources: podcast

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“I think New Bank is doing really good. They've managed to go very, very, very deep in a huge market. That's quite remarkable what they've done. It's really, really cool. And now they're on Mexico. They are getting some very nice growth. But what they've done in Brazil is truly impressive. Truly”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“Mean, we're working with different banking licenses across the world. We got the one in Mexico and so on. It's just business as usual.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, but by variety, I mean like me telling you what to do and so on through not just word of mouth but through that it's a bit modification.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“I think variety is a lot more difficult than what it used I think people are less keen to share compared to before. Before they were more keen on sharing to everyone, I think it's a little bit different nowadays.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, like the whole problem solving thing, we are all here to solve problems. I'm not going in meetings to hear how good you're doing, which is what most meetings are about in the corporate world, you know, you get, you bring the exec so that you do a nice presentation about how good your latest campaign was, and then you move to the next one, and then at the end, the diary of an exec is just everyone is like, wow, we're amazing and so on. And that's really not, yeah, of course it's important to see what's working well. But I really want to know where the problems are. We can find a solution collectively, you know, into solving it. That's the thing that is very, very powerful.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“His resilience. He is ability to focus. He mastered the helicopter view, where he's flying around everything. And then when he sees a problem, he lands. And he lands. And then he cracks it. And then he goes deep, deep, deep, deep, deep. And then once it's solved, takes off again, flies around, sees where there's another problem, lands, dig, dig, dig, fix it, and then starts again and keeps on going.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“No, but I mean, But you get now as well would you launch ref points, you know, the loyalty program, which is giving you miles and so on. And it's almost, it's much stronger once you, I mean, depending on which plan you're on, and that drives a lot of loyalty”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, you get so you get this, but as well, you get better interest rates as well on some of your saving accounts. You get a free subscription to FT, to other type of services. I mean, if you like playing chess, chess.com, platinum is coming for free and so on. So you get a lot of add-ons on top of that.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“You put in product and then you drive conversion and so on. But starting building top of the funnel and trying to build brand and so on in the early days I think is a mistake. And saying that what is hindering your growth is your brand awareness I think is a mistake. You know, like there is a correlation between brand awareness and product penetration, but you need to think about where the causality is. Is your penetration driven by brand awareness or is your brand awareness driven by product penetration? And in the early days, I think the causality is the other way around. And then at the later stage, you can start because you need to open the funnel and so on because you need to go into new segments because once you've highly penetrated one segment, you need to go to another segment. And then you can start using some brand marketing and so on to build something a bit different to continue the growth. I think in the early days, actually your brand awareness is driven by your product penetration and not the other way around.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think the biggest fuck up that I see, especially more in the early days of startups, is that you can hear founders that say, my product is great, but then marketing is rubbish because they don't let people know how great my product is and I have no brand awareness, so I need to invest in the brand and so on to boost my growth. And I always reply, well, if your product was so good, people would know about it. Do you believe if you...”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, you mentioned Apple. I mean, obviously, Apple is a great brand because they've done something that is quite amazing. I mean, Apple and as well some of the luxury brands like Le Vuitton and so on, which is quite amazing that they've developed a luxury positioning for mass market.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, yeah, yeah. I think it's in between. I think in the early days, it's definitely more producting. And then it becomes with maturity a bit more of a marketing thing. But I think we take too much of a shortcut putting brand in marketing and saying, well, you know what? Brand is marketing problem. I think it's not. It's about, as you said, it's the user experience. It's like how the product makes you feel and so on. And then what marketing does, marketing is just an amplifier or a catalyst into it. We just try to amplify whatever it makes you feel. I just make it bigger, feel it more and so on. But at the end of the day, it's still the product that is starting the journey. The brand journey is starting there.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“So, first of all, about brand. The question is, where does brand fit? Is brand a marketing thing or a product thing? Because a lot of people think about marketing, and I give you two examples out of a sample of two, which is King and Revolute, the brand was much bigger before a single dollar of marketing was spent. So the brand had nothing to do with marketing. A huge brand before putting any penny into you not only.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean I think we are still very much at the beginning of building our brand marketing. I think we're still a very young brand. That's probably the biggest work that we have ahead of us is to find the right way to position the brand and inspire people. That's the biggest great”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“Either your bidding strategy, etc., etc., every single element, that small increment of 1% here, 2% there, etc., etc., that add up to put you on top of the waterfall and to take it all.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“Definitely do the second one. I'm a huge advocate of the second one. I give you a very simple analogy. You know, look at USEN Bolt. Everyone remembers Usen Bold. All right. But he was not winning by much. He was not winning by 10x. He was winning by a hundredth of a second and so on because he was able to optimize the departure, this, etc., etc. So he was not 10x better than everyone. But at the end, everyone thinks he was 10x better. You see what I mean. And it's because growth is a bidding war. It's a bidding war. It's about whether you're able to bid above everyone else on all the different channels at the end of the day. The question is, how are you able to build above everyone and how do you optimize every single step so that you're the winner takes it all in growth, the winner takes it all. And that's why it's ultimately because you optimize every single part of either the funnel, either the creative.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, but what is growth? What is growth? Is it virality? Is it performance marketing? Is it some brand marketing aspect? What is it? Is it pricing? You can do anything, you know”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“Think the higher generous people to run stuff, so they end up running many things in a pretty average way. So it's better to do less and deeper than try to have a lot of breadth and do many things in a just okayish way. And then the hire growth managers, which I have no idea what a growth manager is.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, it's like a case study. We tell you, okay, I have this problem. I mean, it can be a marketing campaign, et cetera, et cetera. And then we ask the candidate, what do you think the problem is and how would you solve it and so on? So it has nothing to do with what you've done or seen in the past, but it's more about how do you decompose and simplify the problem. Because at the end of the day, every problem is quite simple. You just need to slice it at the right level of granularity so that suddenly a big problem just becomes 10 small problems and then you saw them one by one and then you get there. And you don't try to find a miracle solution by being Einstein and super complexified. No, I mean, there's no need for that. Just do it. Keep it simple.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I mean, as it's every week, it's either before or after. It's like, because if it's one or two days before, one or two day after, it's like it's more, you don't see as before or after. It's just a cycle, you know, it's like, so you get always the feedback loop.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, ultimately, you know, it's a loop where I use business review, where I give a lot of my inputs, but I use my one-on-ones to receive the feedback from what we talked about. And that's this way I have a touch point pretty much every other day with all my team leads, et cetera, et cetera, you know, whether it's in a meeting or whether it's in 101. And then we close the loop so that we do have the feedback loop.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, yes and no. Because the way we work, the post-mortem, I have all my business review, as I was mentioning, but then I have the same ones as 101s with the lead of every single of those business reviews that I use as feedback sessions of the previous business review.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“Remote, I think it gives a much stronger chance to introvert people, more introverted people, to have a deeper impact in meetings compared to in real life, the system into where you raise a hand to talk, you don't really raise a hand in a physical meeting, you know, like some people just don't get the opportunity to say what they want to say in a physical meeting because it did not happen. People tend to cut off each other, etc., etc. So sometimes the dynamic can be quite polluted. While when you're on the video conference, press the button to raise the hand, and then people will let you, you know, speak in a very polite way and so on. So I think that works really well. That is the best invention.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“Few things that are very good. You get a lot more efficient in the way you're running meetings. Meetings are a lot more efficient when you run things, when you run things remotely, meaning you can actually have meetings of 15 minutes or 30 minutes. It works. A meeting of 15 minutes remotely works in the real world. It doesn't work. A meeting of 15 minutes. The second aspect, I feel like it's a great equalizer versus physical meetings in the sense that dominant people get flattened out by the video conference system. Like, for example, I know I have a dominant nature. So where I sit in the room matters. And then the presence you can have physically, you know, in a meeting room matters, you know, because we talk a lot about diversity and so on. I think the diversity aspect that is a bit overlooked is introvert versus extrovert. And I think in the world of”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, like the human, the human contact, you know, I think as well. I mean, at some point, you need to be with people and so on, especially when you're early on in your career and so on. For some people, it doesn't work. Be alone at home and so on. How often do you get?”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“Think there is a negative correlation between the maturity of the economy and the penetration of fintech. Take the other example, Germany. Germany, like there's no, I mean, like the penetration of fintech is Germany is extremely low, extremely low, you know, as well. Why?”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“Creativity is necessarily no because you iterate so much, you create more because you do more. You know, like, for example, if I need to do an ad, but then if I spend three months talking about it instead of a week, I might only run two ads a year. Well, if I only talk about it for a week, I can run four a year. So I can iterate more. So I think, yes, maybe the inception time is shorter, much shorter, you know. So maybe, yeah, there's less discussion bouncing back and some bouncing ideas and so on. But because you do a lot more, at the end of the day, you get more stuff done. I think from a creativity perspective, it still works.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, yeah, yeah, yeah, oh yeah, yeah. They can tell you, yeah, yeah. I'm very transparent. I think that's the power of Revolut. And that's the same. I mean, with Nick and so on. I mean, like, we are working in full transparency. There's no surprises at Revolut. Because if you take a decision and the decision is no, and then you can appeal in a way, you know, to try to negotiate, to make it yes, like every companies do, you know, and then you add up time, you add up those ad hoc meetings, or let's do another meeting to really look at it and then do another one and so on. No, no, if we say yes, it's yes. If we say no, it's no, and then we move on. And there are some force positive. You know, there are definitely some false positives where we may say yes and should have been a no. And we said no, it should have been a yes. So I'm not saying it's perfect. It's not perfect at all, you know, but at least we move a lot faster. And yes, there's some cost in terms of false positive, but it's a lot more powerful.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, but you know, as well, those meetings are important, especially when we are remote working, because it helps connecting. And it's the place where you drive the culture. Even though you may not participate in that meeting, you see how it's happening. You see the expectations, you know, you understand what we are trying to achieve and how we are trying to deliver and so on. So it's a great way for you to understand how things are working. Are you able to?”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, but then I have only, I don't have ad hoc meetings. So there's already a meeting for every topic. So if you want to talk about something, there is already a meeting for you to talk about it. It's not like those agendas that look very different every week, you know, like my agenda looks exactly the same. I probably have my agenda until the end of year and mid-next year and so on. It's already set. I know exactly what I'm going to do. And then you just repeat, repeat, repeat, repeat.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“While when you run it every week, I mean, they're not preparing the meetings, so you just start the meetings, okay? So, where are we at? And so on, you know, you prepare a lot less, you know, the meeting and you just bring the Jira board and you just bring the dashboard and you just look at it and then you just try to solve the problem, you know, with no specific preparation. And then you iterate, you iterate, you iterate, and then you get very regular feedback. So you don't get surprised, like you work on something for a month, and then you get at some point say, no, that's not the right direction. You need to go. So you course correct things very, very quickly.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“Because we work as a matrix, you know, so you have the channel people and then you have the local people and all of those are teams. And then we run, so I run weekly business review for all those teams. So all the teams every week. And those are mostly, so obviously we review numbers, but it's more like problem solving sessions. We bring a problem and we try to solve it together. And then they have a week, they solve it, and then we reiterate the week after. We reiterate, we reiterate. I think the power of a very short cycles is that there's no time wasted in presenting in the sense that if you had a meeting on, I mean, only once a month and so on, you would actually spend, I mean, we know how teams are, you know, they spend the last two, three days just preparing the presentation for the exec. It's a waste of time. Such bullshit.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, well, we have a very, it's extremely standardized, extremely processed. We work on wiki cycles. In the growth team, we have, I don't know, I think it's 20, 25 different teams”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“At the end of the day, you know, between the way this works and the way Google does OKRs, you know, where we know, I mean, OKRs, I mean, you know the theory about OKRs, you should always be around 70, 80% of achievement. It's the same thing, you know? So you need to be ambitious but realistic. Reaching 80% of your target, that's good.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a bit what I was saying about the living animal of the growth engine. I mean, we've built an engine that is working today. It doesn't mean that it's going to work forever. You need to progressively evolve it pieces by pieces. That's very difficult. When you know something works and you need to keep iterating so that you make sure it keeps working and you keep being one step ahead of everyone. That's difficult. You know, it's always this idea, you know, of the car getting eaten from the back, you know, and you realize really late that actually, I mean, you're gone, you know, staying on top of it, even though it's working really well, never be complete about the success we have. We rarely look back at Revolut. We're never happy about our success, you know. It's very rare we reach our targets. We never reach our targets, you know, because our targets are much greater than what we're achieving. So I think it's...”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“Don't necessarily change. I think again, it all depends on the, it's a market by market thing in some ways. We are very standardized, so it's very stable. It's very stable. We haven't changed much.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, but come and try us. But, you know, come and try us. Just use it maybe when you go on holiday. And that's fine. And then maybe at some point, I'll be able to convince you with some specific product, something that ultimately will take you there. But like the idea is not to say, okay, by H2 2025, everyone will have to be a primary. No, everyone takes at your own pace. You get there, you know, and it's fine.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“The strategy at Revolut, it's very simple. Obviously, we want people to use us as a primary bank. We don't need everyone to do it now. That's the big difference with, let's say, any other banks. When you decide to move from HSBC to Barclays, you make a conscious decision that I'm moving there. While Revolute, we're more, we're like a snack. So you want to take a bite, you know, so you try Revolute, and then maybe because you go on holiday, you know, and you need a car to go on holiday, okay, fine. Then you come back from holiday and say, oh, well, you know, maybe I want to do a bit of trading and stuff, buy some ETFs and so on, so then you buy some ETFs. So, oh, then, I mean, that's a bit of savings. Okay, maybe I can put a bit of savings. And then you go little by little, and then you reach a point. I mean, for some people, it can take six months. For some people, it can take three years and so on. And you say, you know what? Actually, I have everything I need here. And then I'm moving there, you know? So I'm not saying, I mean.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“That's not an easy one to get your hands around. Come on, Nick. Founder mode. So let's buck China for a second. And you see that's the thing that I've seen as well at my experience at King was the most important. I think the idea of localization is completely overrated. I don't believe in localization. That we saw at King, it was the same creative working globally everywhere, with one exception, Japan. Japan is different, I have to say. Japan is a different beast, you know. But the rest is the same. It's one global market. And I think that the consumer interest, what people are clicking on is the exact same thing. The extra performance you would get by being a lot more localized is not worth the effort. And that's what we're seeing. I mean, like, I mean, at King, and we see that the same, you know, at Revolut. I mean, we became number one in Romania and Norway with the exact same strategy, the same, I mean, the same thing, you know, like, and people say, oh, based Europe, yeah, but, I mean, if you've been to Romania.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“We want to be everywhere, like the objective for us is to be in every single market. I mean, we don't say we want to be there and not there. No, we want to be everywhere. So we just take the list and we try to see which ones are probably easier, quicker, and so on. But at the end of the day, we want to be everywhere.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, yeah, I mean, that's fair, but you adapt your model depending on the product that you sell. We're not selling the same product necessarily in the same market, so you can cut it down at a product level. But then at the end of the day, if it's a debit cut, it's a debit card, then if it's FX, it's FX.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“Why would London versus Birmingham would be closer than London versus Paris? There's no reason. The country definition beyond language is completely arbitrary.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, and that's why the growth is exponential, because today I know a lot more than a year ago or than two years ago. So my models are better. So I know better where the good cohorts are and how much I'm ready to pay.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, but I mean, the thing is because we go gradually, very quickly, if you build good analytical models, you know very quickly whether the cohorts you're acquiring are the good ones.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“So, because what you realize is that you're not here to get the cheapest users, you're here to get the best users. Sometimes you've got to pay more. You need to get as granular as possible and you may have some channels, you know, I don't know, like, for example, TikTok and so on, where maybe the cohorts you get from there are not as good as what you can get, for example, from Instagram or other places. So the KAC is irrelevant. CAC is irrelevant, you know, because if I was to give CAC targets, then we would only do maybe TikTok, for example. And that doesn't make any sense, right? Because I won't get my Alloy. So we never look at CAC.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“There's no discussion at all. We only talk about ROI. Because if you talk about CAC, you'll always acquire the worst cohorts because you just always go downhill. So what I've done by arriving at Revolut is that I increase CAC significantly by improved ROI significantly too.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't believe in CAC, you know, like, and that was the first thing that Yeah, yeah, I mean, that's the first thing that I brought from King because at King, we never talk about CAC.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think it's actually both. Because it's exactly that. It's exactly that. You have those two factors playing against each other. And it's about which one is stronger than the other. And then, hey, unfortunately, it really depends on the market. So some markets, the brand is becoming so big that actually you start getting more organic and it's becoming like super organic. And then the growth engines is feeding itself and then it just goes, while others, and it's linked as well to the amount of competition that you have in the market, where actually because you have a diminishing return curve, where it suddenly gets more expensive to get the next one and the next one and the next one, I think it really depends on the competitiveness of the market.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“No, no, no, no. I'm a strong believer of specialists. People should be experts in what they do. And generalist market is are good in managerial positions, but not at doing things necessarily, you know, and that's why we have people who are experts in midfunnel, experts in lower funnel, experts in lower funnel, and so on, but very, very few people have an oversight of all of it, very few people.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source
“Mostly like performance marketing, affiliates, the referral program, you know, and stuff like that. This is where you really drive and you have a full attribution, meaning you know exactly what you pay for.”
2024-10-18 · The Twenty Minute VC · 20Growth: Revolut's Chief Growth Officer on The Growth Playbook Revolut Used to Scale to $2.2BN in Revenue | How Revolut Launch and Grow Products | Why the Best PMs Don't Need A/B Tests & Why CAC is a BS Metric with Antoine Le Nel · IDENTIFIED FROM THE TRANSCRIPT · source