The emergence of Revolut bank in Ukraine without branches. How can it affect the market?
Not so long ago it became known that a new British project called Revolut is coming to the market of Ukraine. The company underwent successful registration of a legal entity and began to develop. Of course, the news quickly began to be discussed and a variety of options for scaling were offered. Investor N1 Nikita Izmaylov answered some questions and was able to explain why Britain was interested in the Ukrainian market right now and how the work will proceed.
What is Revolut?
It is a modern bank without branches. Among the main products used are:
- Application.
- Card.
The latter is linked to several accounts and currencies. For example, if you need to pay for goods or services in euros, the money will be deducted from this account. And even if there is not enough money, no one has cancelled the conversion and calculation. With all this, the user has the ability to buy securities, cryptocurrency, securities and so on. To date, the company has about 16 million users, and an impressive monthly turnover.
How is the development in Ukraine?
It took only half a year to achieve good results. First of all, it is worth saying that there were 25 vacancies. This is not surprising, because there are really many good specialists all over the country, and the company is well aware of this, so why not use it. The search for prospective employees continues for remote positions.
Already by the end of 2021 was a successful registration of a legal entity.
What attracts the British company on the Ukrainian market?
In fact it is possible to identify several interesting points at once:
- The important role of the co-founder, who has a lot of useful connections and contacts throughout the country.
- Money transfers from Europe. The growth is constant and in half of 201 years the figures have increased by 108%. At the same time and the amount of investment has grown a lot, which influenced the final result. Now Revolut is one of the most convenient platforms for money transactions.
- Attracting new investments. Big investments allow to expand borders and occupy new markets. That is, there is constant development and growth.
Possible problems and difficulties
Even for such a short time, the new project approached the number of clients to the leader in this niche - Mono. But with all this Revolut in the market is not so competitive, and all because of the credit portfolio built on transactions.
That is, to work fully will require close cooperation with other financial institutions, preferably with experience. That is, there are some downsides, including not enough in-house specialists. So you should more actively consider partners in the Ukrainian market.