Antoine Le Nel

I have. There's no CAC discussion. Why? We only talk about ROI because if you only if you talk about CAC, you'll always acquire the worst cohorts because you just always go downhill. So what I've done by arriving at Revolut is that I increased CAC significantly, but I improved ROI significantly too.

I have. There's no CAC discussion. Why? We only talk about ROI because if you only if you talk about CAC, you'll always acquire the worst cohorts because you just always go downhill. So what I've done by arriving at Revolut is that I increased CAC significantly, but I improved ROI significantly too.

So because what you realize is that you're not here to get the cheapest users, you're here to get the best users. Sometimes you got to pay more, you need to get as granular as possible.

So because what you realize is that you're not here to get the cheapest users, you're here to get the best users. Sometimes you got to pay more, you need to get as granular as possible.

So because what you realize is that you're not here to get the cheapest users, you're here to get the best users. Sometimes you got to pay more, you need to get as granular as possible.

And you may have some channels, you know, I don't know, like, for example, TikTok and so on, where maybe the cohorts you get from there are not as good as what you can get, for example, from Instagram or other places, but you So the CAC is irrelevant. CAC is irrelevant, you know, because if I was to give CAC targets, then we would only do maybe TikTok, for example.

And you may have some channels, you know, I don't know, like, for example, TikTok and so on, where maybe the cohorts you get from there are not as good as what you can get, for example, from Instagram or other places, but you So the CAC is irrelevant. CAC is irrelevant, you know, because if I was to give CAC targets, then we would only do maybe TikTok, for example.

And you may have some channels, you know, I don't know, like, for example, TikTok and so on, where maybe the cohorts you get from there are not as good as what you can get, for example, from Instagram or other places, but you So the CAC is irrelevant. CAC is irrelevant, you know, because if I was to give CAC targets, then we would only do maybe TikTok, for example.

And that doesn't make any sense, right? Because I won't get my ROI. So we never look at CAC. Is that hard for a team to adjust to? No, I mean, I don't think so.

And that doesn't make any sense, right? Because I won't get my ROI. So we never look at CAC. Is that hard for a team to adjust to? No, I mean, I don't think so.

And that doesn't make any sense, right? Because I won't get my ROI. So we never look at CAC. Is that hard for a team to adjust to? No, I mean, I don't think so.

I mean, it's only about... Also, you have to stomach that for a while, which is kind of interesting, because you have to accept paying higher CACs without seeing the higher ROI for a little bit of time.

I mean, it's only about... Also, you have to stomach that for a while, which is kind of interesting, because you have to accept paying higher CACs without seeing the higher ROI for a little bit of time.

I mean, it's only about... Also, you have to stomach that for a while, which is kind of interesting, because you have to accept paying higher CACs without seeing the higher ROI for a little bit of time.

Yeah, but I mean, the thing is, because we go gradually, very quickly, if you build good analytical models, you know very quickly whether the cohorts you're acquiring are the good ones.

Yeah, but I mean, the thing is, because we go gradually, very quickly, if you build good analytical models, you know very quickly whether the cohorts you're acquiring are the good ones.

Yeah, but I mean, the thing is, because we go gradually, very quickly, if you build good analytical models, you know very quickly whether the cohorts you're acquiring are the good ones.

How do you know?

How do you know?

How do you know?