Chaos grips Revolut's fate 😳; N26 cuts headcount. More to come 😞; Bitpanda goes AI 🐼 🤖
FinTech is Eating the World, 16 May
Hey Everyone,
Good morning! Today’s issue is super exciting as we’re looking at Revolut that’s being torn by chaos (Houston, we have a problem here!🚨), N26 which will cut headcount (why more will come + a deeper dive into N26), and Bitpanda that doubles down on AI (+4 bonus reads on how AI + Finance is disrupting the world already). Let’s jump straight into the spicy stuff 🌶
Chaos grips Revolut's fate 😳
The news 🗞 Another one… When I thought that we had enough, Revolut drops another bombshell.
This time the British neobank and super app wannabe is facing an investigation following complaints that its former UK head, James Radford, accidentally sent a text message to an angry customer stating that he would be waiting for them "in the garden with my shotgun."
You can’t make this up… 🤦♂️
More on this 👉 Radford reportedly intended to send the text to someone else after dealing with numerous complaints about a frozen business account linked to his personal mobile phone.
Instead, Radford mistakenly messaged the customer, expressing his intention to wait for them with a shotgun in the garden.
Zoom out 🔎 Revolut is currently investigating the allegations, while Radford left the company in March. If that wasn’t enough, the firm's CFO also resigned recently, as Revolut's pursuit of a UK banking license faces uncertainty (I’m getting more and more confident they won’t get a UK banking license).
✈️ THE TAKEAWAY
What does this mean? 🤔 The latest news adds to a growing list of challenges and potential reputational damage for Revolut, which has been struggling as of late. If there’s one word to describe the current state of affairs in one of the UK’s most valuable startups, it’s chaos. And that chaos is gripping Revolut’s fate, which is moving in a way that’s becoming hard to control…
ICYMI: Tell me Revolut is in trouble without telling me Revolut is in trouble 😨 [+2 more bonus reads]