Revolut is the hottest thing in banking. Yet it can't get a banking license 😬🇬🇧; VC growth is slowing down, but we’re not seeing more M&As 🤔; NFTs are gaining momentum in the music industry 🎶
FinTech is Eating the World, 6 September
Good day Everyone,
And happy Tuesday! Today’s issue is undoubtedly the hottest one this week so far. We’ll be looking at Revolut which is the hottest thing in banking, yet it can't get a banking license (& can it ever get one + 2 bonus reads), VC growth that is slowing down, but we’re not seeing more M&As (why is that & what to expect next), and NFTs that are gaining momentum in the music industry (& why it could be the next big thing in music). Let’s jump straight into the mesmerizing stuff:
Revolut is the hottest thing in banking. Yet it can't get a banking license 😬🇬🇧
Major launch 📺 A Super App wannabe neobank Revolut just launched its first major marketing campaign, pitching itself to the money underdogs as their “way in” to new banking opportunities.
As much as it’s brilliant, the whole campaign and the context around it is really ironic. Let me explain.
More on this 👉 Directed by Craig Gillespie (the director of movies such as “Cruella” and “I, Tonya”), the campaign is titled “Your way in” and it depicts how people can “break into” new parts of the banking world. It features various characters crashing into areas across the world:
Visually, it’s absolutely brilliant. But the devil lies in the details…
The details💡While inclusiveness and social justice are some of the hottest topics these days, it’s a slippery slope if you misuse them. That said, Revolut’s attempt to focus on the underserved as “underdogs” should at least be questioned as their ad depicts people participating in somewhat luxurious activities like using an expensive piece of workout equipment, buying expensive cups, or traveling.
Because the true “underdogs” of the banking world are people without access to bank accounts and basic financial services. In fact, much more real underdogs are those that don’t have money and the means to make it.
The bigger picture 🔍 Revolut has 20 million customers worldwide, 5 million of which are in the UK, its home market. So while their commercial can be left out for different interpretations, maybe the question we should be asking here is whether Revolut isn’t an underdog itself?
The more I think about it, the more I’m leaning towards YES. More importantly, it’s becoming increasingly difficult to believe Revolut will ever be granted a UK banking license. Here’s more on that, why it’s important & the takeaway: