Revolut founder talks fintech trends and crypto future

Co-founder of Revolut startup, Moscow Institute of Physics and Technology alumnus Nikolay Storonsky predicts that digital currencies will spread across the world, including places like Africa, but virtual currency will be more significant in developed countries.

Storonsky has made that prediction in the exclusive interview with Itel.am, given in the framework of TechChill in Riga.

Revolut co-founder has noted that a robust infrastructure in fintech requires 3 important sections: infrastructure, banking, and legal framework.

“I think it’s very important to have robust infrastructure in fintech, and that is fundamental for businesses, especially in tech,” said Nikolay Storonsky.

At the same time, he believes that blockchain, banking and cryptocurrencies are much more advanced in Eastern Europe compared to Western Europe.

photo © TechChill

Touching on bitcoin fluctuations, he has remarked that the process is highly unpredictable.

“First I thought bitcoin rate would reach USD 10 000 and then up to USD 40 000, but it went USD 21 000,” he said.

Revolut co-founder has mentioned the mistakes he made in the early stages of development of the startup, particularly hiring wrong people, working not on the right things, and not advertising well.

When asked when the right time to scale the team is, he has replied jokingly:

“When you see that people start falling asleep at work because workload is too much, it’s the best time to scale the team.”

Nikolay Storonsky has also talked about tech trends. Apart from fintech, he has singled out artificial intelligence and virtual reality and noted that a bit later medicine and biology will join the list.

Founded in 2015, London, Revolut initially developed a debit card you could use in any country and exchange currencies by interbank rates. The card allowed opening accounts in several currencies and the user could exchange and convert money as well as make payments without a fee, managing all transactions in the app.

Now Revolut features 130 currencies (including 3 cryptocurrencies) and serves over 1.5 million people. The startup has raised USD 86.4 in total, including USD 5m from Revolut clients, raised via the crowdfunding campaign.

Revolut plans to start issuing cards in Russia as well in the end of 2018.

Narine Daneghyan talked to Nikolay Storonsky