YouSaid · the spoken record

Nik Storonsky

lines on the record: 67
first: 2024-12-04
most recent: 2024-12-04
sittings or episodes: 1
sources: podcast

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“Well, I actually myself know many, many times, and I have two answers because A, like what else to do? B, I just need to do something, right? Otherwise, they're boring.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“I'll look to trust something in biomedicine or genetics. That would be very interesting. I'm just alone because I know zero about it.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“I think Apple, to honor you. I think they built cool products, they built cool brand, and they managed to stay outside of scrutiny because they produced so much money, the huge monopoly charge a lot. And there's still a great company.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think they first need to really know what they like to do, what they enjoy doing. Just go into the area, this area. If you enjoy something, I mean, you definitely need to go there.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Another 15, 16, 17 years in the UK, and London already became a home city for me. But then when I started kind of working from different cities, I realized there is so much more like in other cities in terms of lifestyle, whether infrastructure that a lot of people, because they stuck in one city, living in one city, they don't really see it and they just become a very close-minded. I think when you kind of manage to work or leave in many, many places, then you are much more open-minded.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Call people who've done similar things in the past, right? So who built their large businesses. So I got a couple of friends who built very large businesses. Some of them, they never used VCs. They just print cash as businesses. The same way they are much better compared to me.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, it depends on which country I am, right? Because the way I manage the business, I work one, two, three months from different countries, from different offices. And it depends which time zone I am, right? For example, if I'm in the UK, like probably I wake up 6.30, sometimes, you know, a train in the morning, sometimes not, but then I start 8.30, 9 a.m. If I'm somewhere in Asia, then I start in a bit later or much later, but then I work till, you know, 11 p.m. If I'm in the US, then I need to start the early 7 a.m. working.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Obviously, in order to, because I have so much pressure, like a lot of 99% of time is a lot of pain, right? Because reality, what happens is even if you have organization, then all the unpleasant problems no one else solves goes into me. And I ended up doing all this shitty jobs, right? Solving problems that, you know, no one else wants to solve or can't solve. And it's pretty unpleasant. So 99% of time is not really pleasurable, a lot of pain, a lot of pressure, stress. And in order to keep cold under pressure, everything to have a lot of energy. In order to have a lot of energy, you need to build your lifestyle in a way that brings you a lot of energy, right? So it's obviously a lot of spots in a like.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Think majority of people believe that balanced life allows you to be happy and achieve your goals. I think in reality. Leonardo is a high chance we'll also bring you happ”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Totally, it's always the opposite, right? U.S. companies win Europe. I almost never seem exceptional. So I think it would be very cool to tick this box.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't think money makes you happier. I think money is just additional instrument that you can use in order to achieve certain goals.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“If you define success or by kind of percentage of goals that you reached, then it's very simple, right? If your goal is, I don't know, to be happily married with kids and then you reach it. You're 100% successful, right? If your goal is, I don't know, make more money you haven't reached it, then you're not pretty simple definition.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“I have few favorites. I mean, I've got a Tom from Index, Verse Matt, John, TCV, Versmat as well, Miki, which I spoke with from Ribit, you know, very good.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“I think our first one was very hot. Every single one was easier than I think 2019. We started ready in 2019. We closed, I think, in February or in January 2020, just before COVID. We were very lucky, but it took time to close it.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I just look at data, right, and then it stats, and then statistics clearly show that top universities standing have much more positive correlation with the success of the company. Obviously, it's not for any other professional there, but particularly for startups. I mean, it is important purely based on stats.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“You look at statistics, so 2025 is actually quite negative. Too early is negative. 25 to 30 is okay. 30 to 35 is the best age. After 35, I mean, there is a clear negative correlation with the success. So sweet spot is 25 to 35 for Fondos. That's USB.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“We track our on the fund level for each investment. And then if we see a good investor with good RN investing, it's obviously like a positive signal, right? Anyway, bottle takes, say, 25 features. One of the features who investing with dynamic evaluation, quality of employees, quality of founder, what they had on STEM indication, non-STEM education, age is important as well.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“It is not that straightforward, right? If you look at companies that model select, and we have tested probably like 300 plus features, then we selected now best 25, which statistically give you a signal less than a company or not. So the features are obviously very important who are investors, who is a lead, and the better the lead. So we actually track IRA for every single fund. And then based on this IRR, it's an input in the model, the model selects valid investor not. Then who is a founder?”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“It's really great business. They look at modernity economics and unity economics was negative. Of course, there was negative because, you know, I just started, right? It's a volume game. Anyway, what I learned that a lot of investors, they are A, following the crowd very often and B, they're very emotions driven, right? Sometimes I like the founder, sometimes I don't like the founder, they don't like the founder. It's not very scientific. So two years ago I stopped effectively a small team of data scientists and data engineers who collected a lot of data on startups and then would train machine learning models on the startups, selecting the best startups. Then the machine learning model actually amazingly outperforms 95% of VCs there on BECTest. That's how I started this business. I have an independent team of 20 people who are building polishing data science models and then models give you a list of companies where to invest.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“So, yeah, let me just spend one minute on explaining what quantum like this. So basically, because I was raising money so many times, I've done like seven or eight times, and almost every time I experienced some very negative experience, for example, I think it was 2019, I agreed a template with Investor, I think it was like 7 billion valuation. And then next day, market dropped 10% CP dropped, 10%, then Temshit was withdrawn and then it became like 5 billion or whatever. Then even recently, like, you know, second results that were done, we kind of, you know, agreed everything with all investors and then there was like, you know, market drop. Then luckily it went back, but we had some investors withdrawing terms. Or like when I was raising money for CRSA, like no one believed me, no one wanted to invest. I spent like, you know, four, five, six months going through every single investor and saying them, that's okay.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Obviously, if I look at competition, new bank is amazing what they do. Well, country is also great, right? There's no competition there and the rates are high. Credit card, there are high rates of. So I think new bank is very strong. Then I think GP Morgan have a very good team in the US. So it's a bank very strong. If you look at Asia, Rice has a bit different dynamic. So we've got companies like Witch Out. So they're very strong. I mean, Reddit are many good companies.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Just because again, it's pretty obvious, right? As soon as you don't have control, so then every time when you try to raise a primary.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Our culture is the same across all offices. So people are smart, people are hungry, people are working hard, people want to achieve things. That's common across all the cultures.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“I do spend some time in Dubai every year, so we plash team there, plus, we're getting licenses. But now I don't experience in Dubai.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Consider on a self-orientation person, right? That's what I can answer. So, unless I have a better product from UK, then, yeah, if I get a better product from UK, I will listen UK. But so far, if you just compare these products, one is far ahead compared to the other.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Problem with the UK is if you think about UK versus US, UK is much more liquid, and then trading in the US is free, right? If you look at trading in UK, you always buy a stand-metered tax, which is 0.5%. So I just don't understand how the product which is being provided by UK can compete with the product provided by US. It is less liquid, so it's much worse compared to US. Plus it's much more expensive because you pay some duty. It's just not rational.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Still, have a lot of VC investors, but sooner or later they'll want to sell their shareholdings and the return money to investors. I think public markets allow you to have more liquidity compared to private markets.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“We already run a business in the public company, we're just not a public company, so we run everything because we bank, so we need to have even stronger controls compared to public companies.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think because of different regulations, different markets, all the banks are very local, right? Because it's very hard to kind of build a bank in one country and then scale it outside without proper tech. So I think we have as a company we have a unique opportunity to actually scale and build a global bank across many, many markets, purely because tech allows us to do it. Actually, if you think about it or similar picture was in venture business, right? So one venture business started, you have a lot of VC funds focused on the US. Some VC funds focused on Europe, a lot of VC funds focused on Asia and so on. So there were very similar to banking as well.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“In three years, it'll be too early for us to win. So, yeah, maybe if we win every single large market in Europe. So top, top 10 markets in Europe, yeah. Right now we have our penetration of market share. I would say it depends from 5% to sometimes 70%. On average, I would say 10%. So if we manage to go from 10% to 30-40% market share in our top 10 markets, so there will be already probably 4x business compared to what it is now.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Basically, fully localized as a bank in, say, 40 markets. So providing local accounts or local credit cards, local payment methods, loans, and so on. So just be as competitive as local banks or even more competitive. So that's the goal. And then hopefully to have, I would say, 30 to 40 million dielective people. So now we're around 10 million dielectric people.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Think it was too early. Now we have a lot of customers and a lot of customers actually have a lot of balances with us. Some of them have millions on our accounts. So I think it's time to build product banking for people with a lot of liquid assets.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“You need to solve this problem through interface. So, interface should be super simple, right? So you need to show the right product at the right time. If you look at the car, right, car has a lot of functionality, but it's pretty simple, right? And then on top of it, we've got electric cars, like screens. I mean, if you think about functionality of the car, there's a lot of very simply built. So you just drive where you want, you play music whenever you want, and so on. So the same with banking product. And ultimately, people need a lot of products. But then if you position everything in a very simple way, there is no problem.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“So we just build a nice tracking system. So we have Jira, obviously tracking every single bet, then everything feeds into dashboard as well. So you just open the dashboard and then you see the list of unique bets, the list of bets that are being cooked, another 20. Which stage are they being developed? Are they our kind of approval process? Then you see how much gross profit each bed generates and so on and so forth. So it's pretty visual and very clear.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Like actually ESIM, it worked pretty well for us. It's a very nice product. I think it's the best in the market. So it's super easy compared to all other kind of standalone apps out there.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“So, you don't scale it, right? So you still have only one team working it for those bets that we're really scaling up, producing a lot of money, you add more people to work on new features for this particular product.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“The way it works, so you've got the team, then I launch it, and you look at how much money they generate after they launch the product. Math one, month two, month three, month four, you compare it with other bets when you launched it, and then say topped 30, 40% if you have no growth stick, you just allow them to hire additional team and additional team. So one team becomes two teams, three teams, and becomes a department.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“So usually out of 20 Sound Desert we launched the last two and a half or years, like amazingly worked probably five, six didn't work at all and the rest are just somewhere in the middle. But if you look at the whole portfolio, how much money it generates is just amazing. It's exponential.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“So, usually to launch a product and to have a very small team of 10 people that will work on the product for one to one and a half years. Cost will be probably, I don't know, two, three million pounds. Because they are only dependent. You can run a lot of bets independently. So the way we think about what to launch, whatnot to launch, we just have a committee of people who done it before, who launch products before. And they have our opinion. And so when everyone is positive, we'll launch things when everyone is negative. We don't launch. If there is a mixed opinion, we still launch.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, for example, we launched cellar events to compete with credit card. So the idea is the person just receives salary in our account. And then halfway through the period for the salary, the pass a button receive half of your salary. So it's pretty cool. So it competes with credit cards and competes with loans, much cheaper as well, but it didn't work for us because the whole conversion funnel was very bad. First you need to sell to enterprise and enterprise needs to sell to their employees. You also need to sell into payroll systems. If you look at conversions for a lot of effort, we ended up having, I don't know, like 100 plus people using a solar dance board. So we decided just as a”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm actually pretty bad at it. Like every time when I think on certain products it will be a mega hit. It's not. And sometimes I think it will not. It will”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Good question, and the reality changes when we launched five years video business accounts already went very well in terms of growth, but then recently we launched also, I don't know, E-CNS, growing super fast, Rev. is growing super fast, because our scale is so much larger compared to five years ago. So whenever we launch protocol market with the right product market fit, it just scales super quickly. So you cannot really compare with also very successful product relaunch five years ago. Because yes, five years ago it was super fast, but if you look at speed of growth now, it was very slow.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Now we're done. We applied for license in Brazil for Bank of License in Brazil. So we got a bank license in Mexico ahead of New Bank. I think we applied already in Colombia for a banking license. So we're working on Peru as well, basically trying to capture photo five markets and launch.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, people in the US never tried their digital bank with a credit card, with all the functionalities that we have already. So one simple app where you have all the financial services that you need.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Basically, first, we need to roll out our UK bank to go through all this mobilization conditions and then put our UK customers on the bank. As soon as we get it done, actually unlocks our ability to apply for license in the US.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Not yet, but we will get there as soon as we get bank license in US, launch a bank them, it will take time, but I think we can get where we are now in Europe”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“More attractive for customers compared to Debit Card. Well, the result is a fintech, Purity partnering with the bank issuing debit cards. It's just not very attractive value proposition.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, a thing in the US, first of all, there is a culture in tech companies. They don't want to be regulated because they don't want to be regulated. They need to partner with the bank to use their license and use their platform. As soon as you partner with the bank and use the license, use the platform, you need to follow the processes which are not automated, which are not billed as a product. It slows you down. Plus on club, there is a compliance with the bank that needs to approve every single screen, every single marketing material and so on. because they are not very efficient, it slows you down. Plus, because you're not a bank, you're not able to use your balance sheet or your deposits, so you cannot really do credit cards efficiently and the US's credit-driven market, whatever customer spends over the credit card, bank receipts actually much more money from a machine compared to debit card. And banks, they spend part of this interchange to give additional benefits to customers in air miles or points. The result of credit cards are much”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“There were quite a few. I mean, relatively probably the biggest challenge is different licenses in different countries and then different rules attached to this licenses. I remember when we received our crypto license several years ago in UK, there were certain rules attached to it which actually 99% false positive. So for example, a person wants to send money in crypto to another account and then we will block this transfer because of certain rules imposed by regulator but then in 99.9% of cases we were wrong. Took us some time to explain, to regulate, a short date, these rules that you impose on us, actually, wrong rules. We should optimize it, and then we can capture more fraudulent transfers and then not waste time of some people.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source
“Think it's a good decision because reality a lot of use cases in crypto speculation speculate is more, I would say, entertaining for them. But then some use cases are definitely valid. For example, stablecoins or enabling instant money transfers through stable coins, competing with Swift on corresponding banking system is actually very valuable.”
2024-12-04 · The Twenty Minute VC · 20VC: Revolut Founder Nik Storonsky on When and Where Revolut Will IPO & What Revolut Need to Do to Hit $100BN Valuation · IDENTIFIED FROM THE TRANSCRIPT · source