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BFD Expert Voices - Private Credit

BFD Expert Voices

Revolut U.S. CEO Sid Jajodia says the company might one day revive its crypto trading, having shut down the service this year.

Why it matters: Revolut, the most valuable neobank in the Western Hemisphere, is trying win over U.S. consumers after a spate of its European peers have failed to do so.

Context: Jajodia tells Axios that Revolut U.S. has about 850,000 customers three years into the foray, and it now sees adding a credit card as key to its U.S. entry.

This conversation has been edited for clarity.

Many European fintechs have tried to build stateside but have exited or failed. What has been your approach?

There's clearly products that — given consumer behavior in the U.S. — we need to build. Adding credit is an example of a critical product we need to launch in the market.

Consumer credit cards is how consumers deal with most of their day-to-day payments. If you provide a way for a customer to engage on a daily basis with your app, it then allows us to surface all the other features that Revolut provides.

Historically, Revolut was not in credit. Over the last year, we have built credit in certain European markets and have launched in six countries.

Why do you think so many European fintechs failed to roll out in the states?

I'm not sure if we have a one-size-fits-all answer.

Not every market is the same. So the question is: How much focus can you put on solving for the market that you're in, as opposed to just taking the existing product and rolling it out?

Revolut decided to stop crypto services in the U.S. entirely, though bitcoin is considered the crypto asset with the clearest regulatory boundaries and is not considered a security. Why did you do it?

We are definitely believers in the overall innovation coming out of blockchain and cryptocurrencies. But the regulatory environment in the U.S. — post-FTX and some other bank failures — has been a lot more difficult for banks and how they engage with crypto services providers.

We decided that providing crypto services in the short term was not the right answer. That doesn't mean that we aren't in the future going to bring back crypto services to the U.S.

Was there ever the question of, "Why not offer only bitcoin?"

The conversation [with the bank] wasn't token-specific. It was more around how regulators in general felt in the post-FTX world about cryptocurrencies, and how our bank partners felt about us providing services through the app. It was a risk/reward trade-off there.

Are there still plans to apply for a U.S. banking license?

At some point, we will look to be a bank in the U.S. Whether that's a year or two years out, I couldn't comment.

The more recent drumbeat for fintechs has been, "Interchange is not enough." What does the revenue breakdown look like for Revolut U.S.?

If you look at our global audited financials that were released for 2021, you would see that interchange was less than a third. Then you had subscription, you had trading, you had FX. It's a similar map with a few differences. We're diversified.

2023 results will come out sometime next year, and for 2023 results — as you can imagine with the high interest rate environment — interest on deposits will become a driver of revenue for a number of things.

Is interchange still the largest source of revenue then for 2023?

It's definitely top two things that will be driving our companies. Same for the U.S.

Are you looking to hire more this year for U.S.?

I don't have a specific number. All my hiring is focused on credit. As we roll out of credit, and we see early product uptake, we will then further invest in it in the following quarters.

I wouldn't be surprised to see another 10% to 15% increase in our headcount.

So for a total of about 110 to 115 people for the headcount?

Revolut U.S. doesn't rule out return to crypto services

The neobank exited the service earlier this year.

Photo illustration of Revolut U.S. CEO Sid Jajodia, surrounded by circles and a pattern made from the Revolut logo. 

Photo illustration: Axios Visuals. Photo: Courtesy of Revolut

Fintech

Revolut U.S. CEO Sid Jajodia says the company might one day revive its crypto trading, having shut down the service this year.Why it matters: Revolut, the most valuable neobank in the Western Hemisphere, is trying win over U.S. consumers after a spate of its European peers have failed to do so.

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Revolut U.S. doesn't rule out return to crypto services

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