The never-ending mess at Revolut 🤦🏽♂️; A bank run on Binance that didn’t happen 🏦; Paze is Big Banks’ answer to Apple Pay 😳
FinTech is Eating the World, 31 March
Hey Everyone,
TGIF! Another crazy week it was… 😳 And today’s issue is a cherry on top 🍒 as we’re looking at the never-ending mess at Revolut (+2 deep dives into its finances & why Revolut is NOT worth $33B), a bank run on Binance that didn’t happen (this one is ironic!), and Paze which is Big Banks’ answer to Apple Pay (with a deep dive why it’s understandable yet delusional). Let’s jump straight into the brilliant stuff 🌶
The never-ending mess at Revolut 🤦🏽♂️
The news 🗞 Revolut, the most valuable private FinTech in Europe, is in the news again. And it’s not good.
More on this 👉 The Financial Times recently reported that the British challenger bank and Super App wannabe had issued a public statement and hired lawyers to prove the “misreporting” of the audit opinion by BDO. The company argued that the $769M revenues have been “independently verified” and were “not in question.”
On top of that, FT also said it received two letters from Revolut’s lawyers, Schillings, which requested a change in a report about the audit. The letters reportedly made claims similar to those in the public statement, including that “the annual report confirmed that the overall revenue generated by Revolut was correct.”
And that’s not even it…
Some of Revolout’s board members have called the public statement and hiring of lawyers an “overreaction,” the FT said, citing two people with knowledge of the matter. The board also reportedly showed a lack of understanding of BDO’s opinion.
Why it matters? 🤔 More mess just keeps piling up and it certainly doesn’t help Revolut. Here’s the takeaway + a deep dive into Revolut’s latest finances + why there’s no way it’s worth $33B now: