The last day of FINOPOLIS 2018 on 19 October will include the third plenary discussion titled FinTech as a Platform: From Pilot Versions to Real Solutions. Participants will discuss how the financial industry is changing as technology develops, creating new formats for interactions between suppliers and consumers of financial services.
One of the speakers in the discussion will be Nikolay Storonsky, Founder and Chief Executive Officer of the fintech startup Revolut.
Revolut is a digital bank allowing users to instantly convert their currency at the interbank exchange rate. Users can store their money in 24 currencies and are able to withdraw money in the local currency when travelling and transfer money abroad without an additional fee.
The company was founded in 2015 and is considered the fastest growing European startup in the fintech market. Its userbase has almost reached 3 million people, with 78 thousand new accounts being made every day. 60 thousand of the services accounts belong to organizations. According to the company, Revolut has processed over 195 million transactions worth a total of $27 billion.
In April 2018, during a successive round of investment, the service attracted more than $250 million in funding, giving the company a $1.7 billion valuation and making it a unicorn (a fast-growing company whose valuation topped $1 billion in less than three years from launch).
In 2019, the company will expand globally and plans to enter the Russian market, as well as markets in Asia, North America, Australia, and New Zealand.
Meeting the mobile money needs of the unbanked in emerging markets is a vast opportunity. To succeed, providers need a clear view on what drives mobile money economics, and an innovative mind-set.
Investments in the infrastructure of capital markets in the sphere of financial technologies are growing rapidly. For companies, the key aspect is the attitude to financial technologies not as a strategy, but as a means of achieving strategic priorities.