Val Scholz: How Revolut Acquired Their First 10M Users: Tips, Tactics & Strategies | E1168

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Revolut's Growth Strategies

Revolut scaled its customer base from 0 to 10 million by focusing on one thing exceptionally well, optimizing the referral program, and improving the onboarding process.
The company experimented with different referral rewards and found that the more money offered, the more attractive the referral became.
Revolut initially offered free Revolut codes instead of cash rewards due to financial constraints.
The company repositioned its travel cards as an everyday banking solution and resolved technical issues to increase activation rates.
Revolut's multicurrency product and innovative features simplified the growth process by providing more value to users.
The company used free accounts as an acquisition driver and focused on cross-selling to generate revenue.
The premium product, which included a metal card, was an instant success due to its sleek design and exclusivity.
Growth experiments that worked well for Revolut included YouTube influencers and targeting specific niches.

Hiring a head of growth should occur after demonstrating product-market fit.
The ideal candidate for a head of growth role is someone who can grow with the company and possesses the necessary drive and mindset.
Common hiring mistakes include not thoroughly testing candidates and assuming too much about their work ethic.
Revolut's successful hiring strategy focused on finding young, driven, and intelligent individuals.
Take-home tasks were used in the interview process to assess candidates' problem-solving abilities.
The interviewee looked for candidates with a structured approach to problem-solving and the ability to replicate their approach to different problems.
Frequent feedback cycles are essential for rapid learning and growth.
Creating an environment where truth-seeking and data-driven decision-making are prioritized fosters a culture of continuous improvement.

Scaling a company rapidly requires constant adaptation and rebuilding of systems to accommodate exponential growth.
Different countries and demographics may require tailored strategies for user acquisition and product adoption.
A more effective data strategy involves direct access to the source of truth, such as the database, to enable comprehensive data analysis and decision-making.
The company used various data sources in a centralized data warehouse to segment the audience and analyze user behavior.

The founder believes that building a product that doesn't add value to people is a common mistake founders make.
The founder thinks that Revolut is a better product than Monzo because it offers a financial ecosystem rather than just being a modern bank.
The biggest lesson learned from working with Nick is that it's possible to be creative, analytical, and logical at the same time.
The founder questions the need for the internet in its current form in the future as robots become more advanced and interact with humans in the physical world.
The founder believes that being an underdog has advantages, such as the ability to disrupt larger markets and build products with less competition.