Nick, thank you very much indeed for your time. You're currently, Revolut, in 40 markets, you have ambitions to be in 100 this year alone. You've secured banking licences in the UK, in France, Australia, you've got a full banking operation in Mexico. And this is happening when some of the incumbents, and I'm thinking of HSBC, Citi, Standard Chartered, are actually retrenching from some of those same markets. What does that tell us about how banking is changing?
Well, basically we have advantage. So we have modern tech stack which is optimised for scaling across many markets. So for us, when we want to launch a new market, we do not need to kind of code a new program from scratch when you do it from scratch. So we have already a system that we just simply change config. We change onboarding, we change certain features, and then we can launch a market quickly provided we have a license. So banks, they don't have these systems and they traditionally expand through buying other banks. And they actually never connect the systems. So for them, if I will be CEO of this legacy bank, I don't know what actually happens in Mexico, in Brazil or in the UK just because systems are very difficult, different, and it's very difficult for me to get data from other systems.
As Revolut expands market share, do we assume that some of those incumbents, their margins are squeezed because of your business model and that we have fewer banks ultimately? Or are you expanding the pie?
I think we are more kind of eating in that pie, to be honest here. Like we also launched that in service, for example, wealth and trading, stock trading, crypto trading. So new products that people haven't used before since that particular direction. We're expanding the pie, but standard bank services, I think because of our innovation, because of our kind of lower fees, we are forcing the banks also to slash their pricing, also to innovate. We're forcing them to innovate. So we're all kind of forcing better product for everyone as a result.
And you have your banking charter now for the US, conditional banking charter for the US. It's a big moment and it's obviously a massive opportunity for you and for Revolut. What is the strategy for winning in the US market?
Well, yes. Well, we're going to need to get full approval. Then we need to personalize the bank. And then this will be created first bank. So we'll launch credit cards, we'll launch our loans, and then we'll also provide all the products that we have in the UK and Europe. A complete digital experience for customers. Our target audience is again, younger people, more affluent people, more people with global background, expats, travellers. So I think we have a good chance even now our existing business in the US, which is done with a partnership with one of the banks. So it's very limited product. And we never invested a lot in this product. It's still growing. It's profitable already in the US. So without us doing anything, it's profitable already in the US.
Look, I know you're obsessed with products. US consumers love their loyalty cards. They love their perks. You talked about what you're going to be offering, some of the things you'll be offering. Will you be offering? What kind of perks will really be offering to acquire those US customers?
Well, basically, we'll do points as usual, right on the, our offering will be at par with Amex or JPMorgan Chase. So our credit card will be at par plus, and we'll have other properties that we will have.
Is the strategy in the US about, is it about winning and dominating, or is it about raising the profile of Revolut before an IPO?
I mean, everywhere we want to go, we want to dominate. Otherwise what's the point?
Jamie Dimon has spoken admiringly about you and about Revolut, the CEO, of course, of J.P. Morgan. Are you coming for his lunch?
His dinner? You're coming for Jamie's dinner. You've also talked about a dual listing. You confirm that you want to pursue that dual listing. You've expressed a preference for the US, the primary listing then will be in the US. Can we assume that that's how it's going to unfold?
You know, there was always a target given deep liquidity in the US market. So I guess if we do IPO with the obviously on in the US. Yeah.
So dual listing UK, US but primary would be in the US.
For the US consumer as you push into that market, do you want them to see you as or do you expect them to see you as a new JPMorgan or as a new Stripe or something completely different?
Let's say small and new JPMorgan, because JPMorgan is in many businesses. So we're also in many businesses. Stripe is effectively one liner, although they're trying to expand into other products. What are I think, they're still kind of acquiring business. We're digital bank with full digital banking offering. Same as Jamie Morgan.
We're here in Italy. Of course. You have a French banking license. Does that effectively cover Italy, and I know there were some restrictions on that French license. Can you give us an update in terms of progress on lifting those restrictions and what you might be able to do product wise once those restrictions are lifted?
