New banks, Podcasts

The Challengers 3: Revolut’s perfect PR storm — Ant Financial worries incumbents — Stash adds banking

  • This week's episode drills down into Revolut's recent PR struggles.
  • Josh and Zack also discuss Ant Financial, Stash's new bank accounts, and Chime ringing the funding bell.
close

Email a Friend

The Challengers 3: Revolut’s perfect PR storm — Ant Financial worries incumbents — Stash adds banking

This week on the podcast, Josh and Zack dig in to what’s happening at Revolut and why the firm isn’t catching a break right now from all the negative PR.  Next up, Josh talks about a conversation he had with major European and Asian incumbent banks and which competitors they’re really concerned with. Lastly, we talk about Stash and the rebundling of financial services.

Revolut’s PR woes

Revolut has been dealt a slew of negative news lately. Probably the most damning was a Wired article about its culture and hiring process. The Wired piece shows the company as an aggressive hirer that often requires applicants to do unpaid work before they’re offered a job.

Also, Revolut’s CFO recently left the firm and there are worries about ties to the Russian government (which CEO Nik Storonsky has refuted). A politician in Lithuania, where the firm received its e-money license, has accused the firm of meddling in the country’s elections.

Zack cited a sarcastic article about what to say if you want to succeed in a Revolut job interview. Spoiler: saying ‘shit’ goes a long way.

Ant Financial taking over

Josh mentioned that he was at the OurCrowd Summit last week with 18,000 registered investors and entrepreneurs. He sat with leaders at incumbent European and Asian banks. Josh started peppering them with questions. They aren’t concerned at all by the rise in challenger banks. Nor do they seem overly worried about Facebook, Google, and Amazon possibly eating into their profits.

They are, however, palpably interested in what Ant Financial is doing in Europe.

Chime raises a big round

US challenger Chime Bank raised $200 million and officially received unicorn status with a $1.5 billion valuation.

Stash gets into banking
Investment app Stash launched debit accounts and a new form of rewards program. Stash’s Stock-Back rewards customers with factional share purchases of stock in the companies where they spend money. Every time a Stash cardholder pays a Netflix or Spotify bill, she’ll receive 5 percent of her purchase in NFLX or SPOT.

0 comments on “The Challengers 3: Revolut’s perfect PR storm — Ant Financial worries incumbents — Stash adds banking”

Podcasts

Jud Linville, ex-CEO of Cards and Consumer Services at Citigroup, takes on fintech

  • Jud Linville spend decades running some of the largest traditional payments and cards companies.
  • Now, in a new role with venture firm General Atlantic, he's turning his sights to fintech.
Zachary Miller | July 08, 2020
Podcasts

Square’s David Rusenko discusses the effect of COVID-19 on Square’s ecommerce plans

  • A year after the relaunch of Square Online Store, the company sees new demand among brick-and-mortar merchants.
  • The legacy of COVID-19 will be enhanced flexibility for consumers and merchants, allowing for a multitude of payment, delivery and channel preferences.
Suman Bhattacharyya | July 07, 2020
Podcasts

Unconventional Ventures’ Theodora Lau: ‘We can do better and we have the technology to do it”

  • The financial services industry has fallen short on taking care of the unbanked and underbanked.
  • Our guest on the podcast today is working to focus the industry on fixing what's broken.
Zachary Miller | July 02, 2020
Podcasts

Yieldstreet’s Michael Weisz on the pandemic’s impact on digital wealth management

  • Investors have invested over $1 billion since 2015 on Yieldstreet.
  • The alternative investment platform's founder and President provides a view into his business.
Michael Deleon | June 30, 2020
Payments, Podcasts

Qolo’s Patricia Montesi on launching a payments company during the pandemic

  • The pandemic has challenged institutions in so many ways.
  • Qolo has publicly launched its all in one solution for B2B payments.
Michael Deleon | June 26, 2020
More Articles