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

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 for Growth

• 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 and Data Strategies

• 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.

Founder's Insights

• 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.