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Val Scholz

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2024-06-21
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2024-06-21
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  1. “Yeah, I mean, that was amazing, honestly. We didn't expect how much demand was there for that card. Yeah, we had like 10,000 cards pre-ordered. I was literally sold out of an hour. And then basically we had like, I think, four months of waiting line where basically every day more people ordered than we could manufacture. I guess that went really well, but I guess we could have done even more.”

    2024-06-21 · The Twenty Minute VC · 20Growth: How Revolut Acquired Their First 10M Users: Tips, Tactics and Strategies From the Revolut Product & Growth Playbook with Val Scholz, Former Head of Growth @ Revolut · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “People wanted a banker that actually looked like an iPhone. Bankers back in it is they look quite cheap and Revolut made them sexy. So people were actually proud to show off their bankard. And I guess it was like an ego thing, right? If you go to a bar or restaurant and you pay with the card and then people are like, hey, what's this card? How did you get it? It makes you feel good.”

    2024-06-21 · The Twenty Minute VC · 20Growth: How Revolut Acquired Their First 10M Users: Tips, Tactics and Strategies From the Revolut Product & Growth Playbook with Val Scholz, Former Head of Growth @ Revolut · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “Yeah, Revolute, if you think about it, like Nick and Flatilanched twenty fifteen. And then we launched a premium product, basically the paid subscription like a year and a half from there, which basically went through the roof.”

    2024-06-21 · The Twenty Minute VC · 20Growth: How Revolut Acquired Their First 10M Users: Tips, Tactics and Strategies From the Revolut Product & Growth Playbook with Val Scholz, Former Head of Growth @ Revolut · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “Like a lot of cross selling. Okay, you're already in, you use the product, okay, now you want to buy cryptos. Cool, 3% margin. You want to buy stocks. You have a spread there. You need business banking at some point. You make some money there. That was always like the secret sauce, which I think for a long time competitors couldn't really figure out. I think trans wise couldn't really figure out like, how can we give it away for free and still make more money than them?”

    2024-06-21 · The Twenty Minute VC · 20Growth: How Revolut Acquired Their First 10M Users: Tips, Tactics and Strategies From the Revolut Product & Growth Playbook with Val Scholz, Former Head of Growth @ Revolut · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “I think a lot easier, to be fair. I think it's actually the biggest mistake that founders do, that the overoptimize their product. It sounds quite contentive, right? But it's a bit like if, let's say you're Apple, there's only so much revenue you can make with an iPhone because not everybody wants or needs an iPhone. If you have a second product, let's say AirPod, you can sell to one client, not just $1,000 phone. You can also sell $200 earphones, right? And then if you also need a laptop, you can sell it for another $2,000. Revolut was built in a similar way. We basically used FreeFX as an acquisition driver. I mean, the value proposition of the product was so strong that we didn't really have to pay a lot to get people into our product. Essentially, what we needed to do is just accelerate already dynamics that are happening. For example, that friends tell their friends. or making sure that people don't get somewhere stuck through the software. And then basically what we did.”

    2024-06-21 · The Twenty Minute VC · 20Growth: How Revolut Acquired Their First 10M Users: Tips, Tactics and Strategies From the Revolut Product & Growth Playbook with Val Scholz, Former Head of Growth @ Revolut · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “The interesting thing about Revolut is why it was created in the first place. Nick was a trader, right? Trading millions or hundreds of millions of currencies. So it's basically like, I don't know, I need to sell $100 million into euros, right? And he would trade it for free against other big banks. When he went to Vegas and took some money to play poker, they took away around 10 to 15 percent because of the currency exchange. And because he was like, look, I mean, I trade hundreds of millions of dollars without paying any fees. He was like, hey, maybe there's an opportunity, right? So he was a bit pissed about that banks basically ripped him off and then started Revolute. It was kind of like the engine that drove the company so fast. We were always based on a multi currency product which allowed us to add cryptocurrencies, commodities, but also like create new innovative products like, for example, you're spending in pounds but saving in euros.”

    2024-06-21 · The Twenty Minute VC · 20Growth: How Revolut Acquired Their First 10M Users: Tips, Tactics and Strategies From the Revolut Product & Growth Playbook with Val Scholz, Former Head of Growth @ Revolut · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “So, in the early days, we didn't offer any money. So, in the early early days, basically we just gave away a free Revolut code. So it was basically like, we were always quite cash stripped at Revolute, right? I mean, basically in banking, you need to have a lot of cash actually on payment accounts. Yeah. To make sure, like, let's say if customers go into negative, that somebody can cover it, or if there's fraud happening. So a lot of the fundraising went directly back into product, engineering, but also in payment platforms. We always had very aggressive acquisition targets, but we never had really money to spend on things. So we had to become creative on like, how can we still give value to people, but still hit other targets”

    2024-06-21 · The Twenty Minute VC · 20Growth: How Revolut Acquired Their First 10M Users: Tips, Tactics and Strategies From the Revolut Product & Growth Playbook with Val Scholz, Former Head of Growth @ Revolut · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “Yeah, you can see that the problem is you don't want to have a CPA of 200, right? I think back in the days, we had a CPA of around nine pounds, which was compared to banks that had like 250. It was quite low.”

    2024-06-21 · The Twenty Minute VC · 20Growth: How Revolut Acquired Their First 10M Users: Tips, Tactics and Strategies From the Revolut Product & Growth Playbook with Val Scholz, Former Head of Growth @ Revolut · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “What happens? So, for example, if an average would bring three people in, but it takes three years, it's really slow the growth of the company. On the other hand, if you, let's say, get free people in every three minutes, you grow a lot faster, right? One thing we've done at Revolut was essentially engineer how fast or how short it takes for new people to invite their peers and their friends, which actually worked really well to a point where we had to cap how many people actually sign up. How did you minimize that time from successful on board to referring a friend? Because you don't want to shove it in someone's face straight away of like, hey, Val, you've just signed up. Now refer a friend. How do you minimize that time window? I think, I mean, first thing was the onboarding, right? And doing onboarding, I mean, in the early days, like new users that actually make a payment, it was maybe like 30, 35 percent. Like when I left, it was around 90%. Nine out of 10 people.”

    2024-06-21 · The Twenty Minute VC · 20Growth: How Revolut Acquired Their First 10M Users: Tips, Tactics and Strategies From the Revolut Product & Growth Playbook with Val Scholz, Former Head of Growth @ Revolut · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “We're talking here, you can actually sign up and make your first payment, for example, order something on deliver. And so we optimize the product to basically make sure that enough people can go through that whole journey in less than five minutes. And so essentially, because it's so easy, so quick, we had so many people that just went to their friends, to the family, strangers on the street, they just basically get people into Revolut. Do you think people do referral platforms or programs well today? We see so many. invite a friend and get twenty pounds do people do it well i don't think so the interesting thing about referrals is that there isn't really a lot of information on the internet about how it really works and so it took me about nine months to figure out you know how to actually make it work right so the common knowledge is like okay one person needs to invite more than one person right and that gives you an exponential growth so that the problem is it really depends on how fast that”

    2024-06-21 · The Twenty Minute VC · 20Growth: How Revolut Acquired Their First 10M Users: Tips, Tactics and Strategies From the Revolut Product & Growth Playbook with Val Scholz, Former Head of Growth @ Revolut · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “Like, how can you share mind maps on external websites and essentially generate traffic? I guess that was the first time I really got exposure to growth. You would then head of growth at Revolute scaling from like 0 to 10 million in customers. What were the biggest lessons from that journey? That's quite an incredible experience to have. I think what I really like learned at Revolut was that it's a lot better to do one thing, but do it really well than doing 10 or 100 things at the same time. What one thing do you think you did at Revolut really well? So for example, like 90% of the B2C customers that Revolut ever acquired came through referrals. Wow. How do you do a referral loop that's so effective? A couple of optimizations. Essentially we thought about like, okay, let's say I'm here at the podcast, right? I love Revolute. It helps me, you know, when I travel, I don't have to overspend. And so I'm basically telling you about the product, right? What do you want to achieve is that while...”

    2024-06-21 · The Twenty Minute VC · 20Growth: How Revolut Acquired Their First 10M Users: Tips, Tactics and Strategies From the Revolut Product & Growth Playbook with Val Scholz, Former Head of Growth @ Revolut · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “A joy to do. I've For a while For joining me. Thank you so much for having me, Homie. Not at all, but I want to start like growth is a weird world, so to speak. How did you first make your way into the world of growth? It's actually quite random. So I studied in software engineering when I was a kid, selling websites, and it's quite a lot of effort to build for clients. These websites, especially back in the days, there was like 2004. And so a friend of mine basically started building his own websites and then essentially made a lot of money. So I was quite curious and interested what he does differently. And he taught me basically the early science of search engine optimizations. And so then over the years, I basically learned more and more about marketing, which essentially moved me in this growth role. What was the first growth throw you had? There wasn't really growth back then. I was a software engineer at Mindmeister. There wasn't really anyone in the company that knew marketing or SEO. Basically, one of my projects was...”

    2024-06-21 · The Twenty Minute VC · 20Growth: How Revolut Acquired Their First 10M Users: Tips, Tactics and Strategies From the Revolut Product & Growth Playbook with Val Scholz, Former Head of Growth @ Revolut · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “You want to go in a market where you don't have competition. So if you think about Revolut against Monster, right, like the markets we grew the fastest wasn't the UK, Romania, it was Poland, we went in a lot of markets where we just didn't have competition, which allowed us to raise more money, build better products, hire more people. There's always a way you can see the market or you can segment the market where you basically build a product where essentially you don't have much competition, where your product is 10x better than the status quo. Now the best founders, they find these markets, defined this unique insights.”

    2024-06-21 · The Twenty Minute VC · 20Growth: How Revolut Acquired Their First 10M Users: Tips, Tactics and Strategies From the Revolut Product & Growth Playbook with Val Scholz, Former Head of Growth @ Revolut · IDENTIFIED FROM THE TRANSCRIPT · source