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by brickcap 3566 days ago
Yes both Revolut and centtrip have marketed their products to only consumers (travelers) where as the concept of multicurrency accounts is very useful to business as well. Not just individuals. The customer acquisition strategy is like Revolut but the larger goal is not (Not that I can say what they have in mind,long term).
1 comments
germanier 3566 days ago
Revolut just announced business accounts. https://business.revolut.com
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brickcap 3566 days ago
Ha! didn't know. Any way Revolut works in partnership with barclays. There are other banks to whom the service will be valuable.

Out of curiosity by just do you mean today?

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germanier 3566 days ago
I think it was at the start of this week.

They use Barclays as their backend but is anything of that visible to their customers?

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brickcap 3566 days ago
It should be on bank statements and on the card. What I was trying to say though was that the fact that Barclays has a system like Revolut is a problem for other banks that don't have a system like that. So our solution is still valuable for them.
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neximo64 3566 days ago
The idea of using Barclays, or any 3rd party bank, is just to get enough traction so they have their own participation method later. Also it doesn't show Barclays on the statement from my usage - it shows the end merchants details. I didn't really know it was Barclays till now.

Barclays has been known to help startups by lending them their (global) infrastructure in the UK. Another Example is Dopay where Egyptian Barclays ATMs have been lent out.

The Bank of England is moving towards allowing non banks to participate in the payments system by 2020, its supposedly blockchain secured so it goes a notch above what a sole bank/firm could do. Revolut could theoretically switch from Barclays then.

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brickcap 3566 days ago
You misunderstand me....

You can think of revolut as a front end for barclays client pool account. This is a very simplistic explanation but what I'm trying to emphasize here is that the money revolut manages is effectively with Barclays.

So the idea of having Barclays is not to get traction or to have their own participation method later but to have the muscle of a bank that can handle large scale international payments.

There are other big banks who don't have something like revolut. So our solution can be a good proposition for them (Not saying that we don't have ideas for any new features. We do, but we've been caught off guard by the new announcement. It'll take a few more days to make it's way to the pitch)

>"Barclays has been known to help startups by lending them their (global) infrastructure in the UK"

Yes, but why? Barclays profits with every customer that revolut brings/ will bring. Other banks would want to profit in a similar way.

I didn't know about BOE but I don't think that switching banking partners after about 5 years of operation is going to be that easy... Not sure could be wrong.

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