Antoine Le Nel
speaker
219 appearances
1 recordings
1 series
first heard Oct 2024
last heard Oct 2024
Antoine Le Nel’s voice in public audio — every appearance, attributed to the second.
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Appearances
Sure. I didn't know if London versus Brazil could be different. Brazil has very different ways of paying for things. They have different ways of bulking payments.
Yeah, I mean, that's fair. But you adapt your model depending on the product that you sell. You know, we're not selling the same product necessarily in the same market. So you can cut it down at the product level. But then at the end of the day, if it's a debit card, it's a debit card. And if it's FX, it's FX. How do you choose which markets to go to? Well, we want to be everywhere.
Like the objective for us is to be in every single market. I mean, we don't say we want to be there and not there. No, we want to be everywhere. So we just take the list and we try to see which ones are probably easier, quicker and so on. But at the end of the day, we want to be everywhere. Which market was the worst or hardest? And what did you learn from it?
If I park China, obviously, which is a very different market. It's quite a difficult one. It's not an easy one to get your hands on. It's only a billion two.
Come on, Nick, founder mode. So let's park China for a second. And you see, that's the thing that I've seen as well. My experience at King was the most important. I think the idea of localization is completely overrated. I don't believe in localization. That we saw at King, it was the same creative working globally everywhere, with one exception, Japan. Japan is different.
I have to say Japan is a different beast. But the rest is the same. It's one global market. And I think that the consumer interest, what people are clicking on is the exact same thing. The extra performance you would get by being a lot more localized is not worth the effort. And that's what we're seeing. I mean, like, I mean, at King and we see that the same, you know, at Revolut.
I mean, we became number one. in Romania and Norway with the exact same strategy, I mean, the same thing, you know, and people say, oh, but it's Europe. Yeah, but I mean, if you've been to Romania and Norway, you would realize it's not exactly the same culture in the same country.
People say the most important thing for Revolut to prove out is its ability to be the primary account, and the percent of primary accounts is still low. How do you think about focusing on that versus being everywhere to everyone?
The strategy at Revolut, it's very simple. Obviously, we want people to use us as a primary bank. We don't need everyone to do it now. That's the big difference with, let's say, any other banks. When you decide to move from HSBC to Barclays, you make a conscious decision that I'm moving there. While Revolut, we're more like a snack.
So you want to take a bite, you know, so you try Revolut and then maybe because you go on holiday, you know, and you need a car to go on holiday. Okay, fine. Then you come back from holiday and say, oh, well, you know, maybe I want to do a bit of trading and stuff, you know, buy some ETFs and so on. So then you buy some ETFs. So, oh, then, I mean, there's a bit of savings.
Okay, maybe I can put a bit of savings. And then you go little by little, and then you reach a point, maybe, I mean, for some people, it can take six months, for some people, it can take three years, and so on. And you say, you know what, I actually have everything I need here.
And then I'm moving there, you know? So I'm not saying, I mean... It's pretty much what happened to me, actually. And I started buying crypto on Revolut. I started trading on Revolut. And then I saw, actually, the interest rate options that you guys had on the premium premium. I was like, oh, fuck, that's pretty good. Yeah, I think that's the part.
But that's a really interesting change in the adoption of bank accounts. Yeah, totally. We're not asking people to say, hey, change bank. You're like encouraging promiscuity.
Yeah, but come and try us. But, you know, come and try us. Just use it maybe when you go on holiday. And that's fine. You know, that's fine. And then maybe at some point I'll be able to convince you with some specific product, some specific anything that ultimately will take you there. But like the idea is not to say, OK, buy H2 2025 H2. Everyone would have to be a primary.
No, everyone takes at your own pace. You get there, you know, and it's fine.
So what's the North Star metric for you then? When you look at the numbers, when you look at the analytics, what's the like, are we doing a good job determinant?
Three things, I'd say, obviously. So the first thing is the volume of users, you know, that we're getting. The second thing is the ROI at which we are acquiring them. What's the payback in months? And the last one is out of the people that are with us, But on that journey, you know, that I was explaining, I mean, how they're progressing towards becoming a primary user.
Payback-wise, how's that changed over time? It doesn't necessarily change. I think, again, it all depends on, it's a market-by-market thing in some ways. We're very standardized, so it's very stable. It's very stable. We haven't changed much. What's the hardest thing about your role today, Antoine? It's a bit what I was saying about the living animal of the growth engine.
I mean, we've built an engine that is working today, but it doesn't mean that it's going to work forever. You need to progressively evolve it pieces by pieces. That's very difficult. When you know something works and you need to keep iterating so that you make sure it keeps working and you keep being one step ahead of everyone. That's difficult.
It's always this idea of the cow getting eaten from the back and you realize really late that actually you're gone. Staying on top of it, even though it's working really well, never be complacent about the success we have. We rarely look back at Revolut. We're never happy about our success. It's very rare we reach our targets. We never reach our targets because our targets are much greater than
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