The European fintech landscape, especially when it comes to the startups in the UK, might be one of the most advanced ones (yes, really). The standout company is, of course, Revolut, which recently bagged $2 billion raise.
It recently introduced a “new bets” unit, bolstering innovation above and beyond the ecosystem. So, is it just an internal experiment of one of the fastest-growing unicorns, or rather a drastic challenge to the industry?
Behind Revout’s “new bets” unit
For some industry experts, the new approach of Revolut might seem like something from the Far West. Something that only happens in Silicon Valley, where the speed and growth of startups are unmatched in Europe.
The approach is bold: teams of 10 employees handed £2.5m and an 18-month window to work out how Revolut can hit the ground running in a new product vertical.
And Revolut excels at it. We have already seen how the company launched crypto and eSims, lounge access and subscriptions to the most demanded apps (like FT or Perplexity), as well as integrating robo-advisors for your investment portfolio. And this is not to mention loyalty programs that come with miles.
As Revolut’s CEO Nik Storonsky puts it, “Start up, stand out and scale, or fail fast and try again.”
Every “bet” the company makes must be justified, and they do it perfectly through product-market testing and milestones that have been hit for the last couple of years.
What does all this mean for users and industry watchers?
In short: don’t blink. Revolut’s “new bets” incubator ensures that tomorrow’s fintech features are already in the works. And this is why the company beats the traditional banks in every possible way.
As Europe’s fintech scene matures, Revolut puts everything, even its own best ideas, to the test. In a sector where agility wins, the “new bets” experiment is one worth watching, and possibly, one that others will soon be scrambling to imitate.
