On Air U105 - Listen Live ... Revolut issues statement on 'going bust' rumours spread on social media. Tadhg is working in a stockbrokers and text David's groupchat to tell them that it was about to go bust. ', Yesterday, a message began circulating online, claiming that the company was set to go under, allegedly putting the funds that people have in their accounts and savings vaults at risk. On Air Q102 - Listen Live ... Revolut issues statement on 'going bust' rumours spread on social media. To put your mind at ease, I’d like to make Revolut’s position super clear. Or sometimes not, as has been evidenced by the failure of the Wework IPO. Of course, Britain's long established banks are not immune to losses, and several had to be bailed out during the 2008 credit crisis. Read also: Revolut finally launches in the United States, “For Revolut it’s business as usual,” says CEO Nic Storonsky. Jordan Edwards, 27 from London, is also concerned about how safe his savings are with Monzo. Earlier on in the pandemic rumours circulated that the firm was at risk of going bust. If revolut goes but, you will most certainly lose most (if not all) of your money and shares. The speed with which Nikolay Storonsky succeeded in convincing a quarter of a million Swiss to open an account is breathtaking. The upcoming economical crisis caused by the Covid-19 pandemic makes people focus on the financial health of the so far non-profiting fintech companies as Revolut and Monzo are. Menu Navigation. Revolut customers too have been voicing their concerns. Revolut has insisted that this is not true. The prices have started to come down in the business with Swiss payment cards. Bezos once told rivals that their margin was his chance. Earlier on in the pandemic rumours circulated that the firm was at risk of going bust. Last month, we raised $500 million from investors. But while individual bankers swiftly adopt the Revolut service of cheap exchange rates for their shopping trips abroad, the industry as such has become all the more concerned. Adam Davis of 11:FS, another consultancy for banks, said: “It’s likely that customers will have only had a short relationship with their challenger bank and only known them through the good times, so it’s natural to be worried.” However he added that the popularity of Monzo’s new paid-for account and Starling’s profit forecast for the end of the year suggested digital banks could be successful. Nikolay Storonsky, Founder & CEO of Revolut, at the MoneyConf event at the RDS Arena in Dublin in 2018. High energy hits to take your workout to the next level! UBS and Credit Suisse have launched their own cheaper services, in a move that much reminds of Amazon rivals that also had to forego margin in a bid to keep pace. Get unlimited access for free for your first month. They're about to go bust and you may not be able to get money out of it after it happens... Take all your money out of it. Revolut has since labelled the rumours as 'fake news.' Revolut have issued a statement amid rumours that the company is set to 'go bust. But to take this and conclude that Storonsky eventually will go bust is based on a fundamental misunderstanding. Revolut has received huge amounts of money from investors. Swiss Attorney General: It All Ends in Tears? And yet, Revolut remains deeply misunderstood. The last weeks have been tough everywhere so I’d like to start this message by sending my best wishes to you and your family. Naturally this can be alarming and can allow rumours and false information to spread quickly. The last weeks have been tough everywhere so I’d like to start this message by sending my best wishes to you and your family. The message, which was circulated widely on social media, read: "Get all of your Revolut money out of your account ASAP. But their sheer scale and different revenue streams mean they enjoy diversified income in a way the digital banks cannot yet rely on. You have my word that we are doing everything we can to support our customers at this challenging time. Revolut isn’t covered by the Financial Services Compensation Scheme, but is fully licensed by the Financial Conduct Authority both to deal in electronic money and to act as an investment firm. The company has since sent a message to its customers on the issue, on behalf of its founder and CEO, Nikolay Storonsky. Nikolay Storonsky is listed on the top of the Telegraph's “Tech Hot 100” for the first time with an estimated wealth of £1.06bn. Banks with a Uk license are backed by the Financial Services Compensation Scheme (FSCS) which protects accounts up to £85,000. There is no suggestion customers' cash is at risk. On Air 96FM - Listen Live ... Revolut issues statement on 'going bust' rumours spread on social media. If the bank goes bust, the state-owned insurer is on the hook. The company has since sent a message to its customers on the issue, on behalf of its founder and CEO, Nikolay Storonsky. I also have accounts with Halifax and Lloyds – both of them have really improved their apps which now give me instant spending notifications like Monzo.”. Stay on track with us and subsribe to our weekly newsletter. Client money has to be kept separated from the company’s finances, so even if Revolut were to go bust, you’d get your deposits back. The message, which was circulated widely on social media, read: "Get all of your Revolut money out of your account ASAP. Mike Hampson of Bishopsgate Financial, a consultancy firm, said: “Investors will only get a chance to cash out at a future financing round when the values of the companies may well have fallen – as Monzo’s did in the last round,” he said. Just clear and simple news. The Coronavirus pandemic is causing unprecedented movement in financial markets. 07/28/2020. Losses at the digital banks have more than doubled and not all savers have the protections they might expect. There are additional risks for Lithuania with regards to Revolut which are not often discussed (but they have been raised by the parties concerned, and others, etc.) He said he would move his money to another bank if it continued to make a loss. Storonsky, the former trader at Credit Suisse, has the banking rivals where he wants them. Revolut has since labelled the rumours as 'fake news.'. The biggest hits from the biggest artists, Listen to live Premier League matches on talkSPORT. You have my word that we are doing everything we can to support our customers at this challenging time. Revolut has disclaimed this as “fake news”, and Monzo has assured their customers that it is “here to stay”. A Monzo spokesman said: “We remain one of the top banks to switch your account to... and recently were ranked the best bank in Britain for overall service, highlighting just how strong our services and reputation are.” He added that it had recently raised £60m in new funding. Instead it safeguards customers’ funds by holding them in ring-fenced accounts with other lenders. So I want to make clear that for Revolut it’s business as usual. Its losses were £52m last year. Profit is defined as the amount by which the revenue of a business exceeds its costs over a given period. In his role, Thomas Dodson will bring technical and strategic leadership to help N26 accelerate its growth in the US market. “I work in banking and even I had no idea my money wasn’t FSCS protected. Revolut and Monzo combat rumors of their collapse, Revolut finally launches in the United States, https://www.fintechfutures.com/2020/03/uk-challengers-revolut-and-monzo-combat-claims-they-are-going-bust/, https://www.finextra.com/newsarticle/35504/revolut-and-monzo-refute-rumours-of-imminent-collapse-revolut-launches-in-us, As stores in the UK close, cash usage drops to half, HyperJar is offering free Kid Card for children aged 6-15, Revolut’s CEO Nik Storonsky is the first Fintech billionaire, Anne Boden addresses the crisis in Starling which created Monzo, Visa’s Plaid takeover faces antitrust scrutiny at the DOJ, Thomas Dodson joins N26 as Head of Engineering in the US. And where Amazon today goes, prices and margins are bound to drop. Profits are a secondary consideration for a neo-bank such as Revolut. While Monzo customer’s balances are fully protected up to £85,000 by the Financial Services Compensation Scheme (FSCS) – Revolut does not offer the same security on its customers’ funds, prompting the stockbroker source to say “there’s no guarantee that you’ll get your money back from them”. Revolut has since labelled the rumours as 'fake news.'. “If they can’t make a profit soon one of the larger incumbents will quickly catch up. The unicorn-status isn't far off. Revolut has since labelled the rumours as 'fake news.'. Menu Navigation. The company has since sent a message to its customers on the issue, on behalf of its founder and CEO, Nikolay Storonsky. Amazon, the online trading company, made its founder Jeff Bezos the richest man on earth, yet returned losses for a dozen years. Staff numbers surged to 2,261 from 633 – a consequence of the company's acceptance that machines wouldn't suffice to provide the services to 12 million clients in 35 countries alone. Revolut was first founded in 2015 as an alternative to traditional banking. Despite their growing user bases, Revolut’s losses tripled to £106m in 2019 and Monzo’s more than doubled from £47m to £114m. (Note: The only other difference is that Revolut can not offer lending services) Let’s see the most important news we have covered during the last week in a TOP 5 list! Revolut says it’s safe but I’m not sure how easy it would be to get my cash back if something went wrong,” the customer said. The funding sources evaporate and exit options change significantly. To put your mind at ease, I’d like to make Revolut’s position super clear. From October 31 Monzo will also introduce new fees for customers taking cash out or ordering a replacement card. And yet, these companies keep growing, following a strategy of long-term growth over short-term profit. Nic Storonsky continued responding to the wave of viral misinformation on social media. Monzo and Starling are signed up to the FSCS. The first profit, in 2003, was a meagre $35 million – on a turnover of $5 billion. He said he had given up hope of getting this back. Menu Navigation. 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For those who have invested in the digital banks, the poor financial results are even more concerning. 8 months ago. Last month, we raised $500 million from investors. This is being even more fueled by people on Twitter telling customers to withdraw all their cash from the neobanks. After the injection of £500, the bank became the most valuable European fintech and in July, it managed to attract a further $80 million. Menu Navigation. They're about to go bust and you may not be able to get money out of it after it happens... Take all your money out of it. Consider: Revolut is now (with its new banking license) able to take in customer deposits. These claims were based on screenshots of messages which accused Monzo of not paying its staff. Their shareholders will also fend off any attempts to get more cash as this would dilute the value of their investments. Growth: every tenth Swiss has used neobanking services at least once, a new study showed, and Revolut is the best-known among the group of new players. The Departement of Justice could sue to block Visa's $5.3 billion acquisition of bank data sharing startup Plaid over competition concerns, the Wall Street Journal reported.

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