European Banking Licence 🏦


#236

this is exactly the kind of “consent” that motivated the creation of GDPR.


#237

At the risk of derailing this topic of conversation even further, those with an Amazon Echo device can browse their contacts via the Alexa app to see who else has an Echo. It’s a slightly different situation, but equally relevant to the Revolut app having access to your contacts and indicating who has an account.

As @AndreasK has said, you consented to this when accepting the terms of service, and you can exercise your right to opt out at any point.


#238

It’s funny that everyone is GDPR expert!


#239

I don’t believe it is, GDPR was mainly to ensure that your entire life wasn’t being sold to advertisers, not to ensure that companies couldn’t process your data for legitimate business purposes.


#240

I meant the way of implying “consent” to share some of my information to third parties, not the nature of the third party.

personally I use my revolut card daily and have a business account with revolut too, but I’m not interested in p2p payments… and I’m find really unsettling that :r: considers that the only way of not getting my information given away is for me to close my accounts.

but it doesn’t surprise me and they are very unwilling to fix anything anyway.

looking forward to the end of my 12 months sentence.


#241

Wow what a bold statement! You are a drama queen - no offence. We’re taking about a business that has rapid growth and it has delivered almost anything they have promised. The fact that they don’t take your personal option/feedback onboard it doesn’t make this company “unwilling to fix anything”. It would be nice to not misinforming.


#242

It’s a factual statement. For example, most of the crypto related stuff in the app hasn’t worked for nearly a year. There are at least 4 threads about various crypto related bugs that have been completely ignored by Revolut apart from one thread where they promised the problem would be fixed in the next app update - that was 5 updates ago & it still doesn’t work.
This is just one example, there are others.


#243

You’re at least ignorant if you believe that they do not want to fix or improve their services. There are developments that take longer to be fixed or to be built, and this is because services like Revolut rely on partners and third parties. Therefore, you cannot judge them for “unwilling to fix”. Instead you should focus on how many features they have in fact delivered the last 3 years, where the FinTech world named them the faster growing fin-tech.


#244

This post was flagged by the community and is temporarily hidden.


#245

Just buy a prepaid sim card then change the phone number into your revolut account.
Keep the sim card in your drawer just for revolut. Be happy!


#246

Just going back to the initial topic regarding banking licence, this thread should be about.
Latest promise was end of this year and we are getting there, so lets speak about that.

Do you think Lithuanian authorities may have second thoughts about singing up Revolut, that has more customers than the population of the entire country? How would they cope with a crisis at Revolut, surely won’t have the funds to bail it out. Seems a huge risk for me from financial authority perspective.

What do you think?


#247

It was reported in September that revolut had applied for an e-money licence in Luxembourg. That tells me the deal with Lithuania isn’t going too well.

Very interesting point about the population vs customer base of the bank, do we know how many active users revolut has?


#248

From the latest :r: blog post (here :link:):

“We’ve signed up over 3 million customers in Europe, we’re growing by another 10,000 every day and we’re processing $3.6 billion in transactions every month.”

Breaking down those numbers, $3.6 billion across 3 million customers works out at $1,200 per month, per account. However that doesn’t answer your question about how many of these accounts are active; personally I use my card daily, but I’d imagine that a significant percentage of accounts are used for travel purposes only, so may only be used once a year for a holiday.


#249

From 3 million registered users you have no way to calculate active numbers!
Just from own experience, I promoted Revolut within our company (a digital banking vendor, developing bank systems, like internet and mobile banks) and approx. 20 people signed up. And many of them used it only once or twice, just to try it or at travels. Since, for Hungarians Revolut does not make much sense, if you have only Hungarian Forint income . Reason no HUF top-up or IBAN. :r: said last week there are more than 50,000 Hungarian account holders, but probably only a small fraction is active. Another question is, how do you define “active” since every bank I worked for/with had a different definition :slight_smile:

I would rather see country ranking by user numbers. Obviously UK is #1 and :r: won’t give out user numbers broken down by country, but at least a ranking would be interesting?


#250

Thanks Burns for taking this discussion to a healthy level!

This whole GDPR-issue isn’t easy to understand for ‘regular’ people like me and many others here, but I believe for certain that Revolut handles these data in a proper and secure way. There’s no reason whatsoever to doubt this.

Now, can we end this discussion and refocus on more relevant issues within the community? :slight_smile:

Best Regards,
The Anonymous


#251

https://news.sky.com/story/british-fintech-unicorn-revolut-wins-banking-licence-11578895


#252

“A Revolut spokesman declined to comment on having secured its banking licence.” :thinking: what the… ?!


#253

fantastic news! but I’ve failed to find more references about it


#254

they might want to prepare a transition plan before answering questions.

I doubt they want to move everyone to RETBLT21


#255

That’s great news indeed, Christmas has come early! :gift:

Looking forward to reading the imminent press release and blog post to see what we, the users, can expect in the short and long term.