WEBVTT
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Okay, welcome back to another episode of Banking Without Borders.
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So Revolu is changing and fast.
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They're building an airport lounge in Copenhagen.
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It opens next year, and they're calling it the biggest in the Schengen area.
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Now, on its own, that's just a fun story about a bank with too much money.
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But in the same few weeks, Revolu also quietly shrank a benefit.
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Metal and Ultra customers lost access to a load of Wii Work spaces, including the whole of Paris.
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And they recently swapped out Perplexity Pro for a cheaper version of ChatGPT.
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There was no announcement, besides a tweet, no email, users just get less.
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So in this episode, we're going to dig into what's actually happening at Revolute because we think these changes are all connected and there's one driving force behind the lot.
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And this isn't going to be a Revolute is getting worse episode.
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It's more like a Revolut is becoming something else episode.
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And I'll let you decide whether that something else is better or worse.
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And as always, do let us know in the comments.
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We'd love to hear your thoughts.
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So Jan, should we just kick off with the lounges?
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What have they actually announced?
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Johnny, Revolute just announced that they're gonna launch their own Revolute branded launch in the Copenhagen airport in 2027.
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They're not gonna run this on their own.
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Um, so they're not gonna go into catering, these kind of logistics.
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They're gonna stay a bank.
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Plaza Premium Group is gonna handle that for them.
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Um Plaza Premium Group, they run launches, many launches, which you actually currently already have access to if you subscribe to Revolut Ultra with their launch key.
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It should give you access to most Plaza Premium Launches at least.
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And this Revolute branded launch is built as the largest common use launch in the Schengen area.
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So it's going to be quite a thing, most likely.
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And they also describe it as a blueprint to scale across other European markets from 2027 and beyond.
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So you'll most likely see other Revolute launches pop up.
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And what's not clear is who gets access.
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I assume Revolute Ultra members probably get access.
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You'd expect that at least, free of charge.
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Uh, maybe metal members, maybe premium members.
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I doubt you'll get free access with a standard plan, but maybe, yeah, if that's the case, actually, um, take my word for it.
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I'm gonna fly to Copenhagen to take a look at that launch myself and um see what I think about it.
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So, why do we think they're doing this, Jan?
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Launching lounges, besides the fact that they are, well, desperately trying to not just look like a physical bank or a digital bank, I should say.
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They obviously want to look like something more than just a bank.
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Why do you think they're gonna be doing this?
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That's depositscout.com.
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Thank you very much.
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Yeah, it's a good question, Johnny.
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Pressure, pressure.
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Being a bank is boring.
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Being a bank is a boring business.
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We're gonna talk about Revolut's valuation in just a bit, um, but I think that's the the core reason.
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Besides that, I could also imagine that LaunchKey, these other services, they're kind of kind of expensive, and maybe, maybe, but it's just an assumption.
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Revolute will transform to a service that has their own launches, you know, all over the world potentially in many, many different airports, and then they're gonna cut lounge key eventually.
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Move the subscription in-house, basically, so they can control it better.
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Because they've lost control over certain subscriptions that were included in the past that are not included in the same form at least anymore.
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And I could see that happening going forward in subscription.
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We know that for a fact, are very, very important for Revolute.
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They're one of the they're actually the fastest growing vertical, they're the fastest growing product, and um, that's why they want to keep them in place as as best as possible.
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Yes, as good as possible.
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Jan is essentially suggesting that Revolute are trying to distill or remove the aggregators or the middlemen that are involved in this transaction between you, the user, and Revolut when you're booking the lounge or when you're signing up for Ultra and essentially getting Dragon Pass or Lounge Key for a year.
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So if they can launch their own lounges, then they can remove that cost because it's a margin issue, isn't it?
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Yeah, just eating away at their margin.
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That is very long term.
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What if Revolut uses this as an opportunity to gradually just get rid of Lounge Pass and Dragon Key?
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Possibly the product starts to gradually decline in the access to lounges that you get.
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Maybe it just vanishes altogether.
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Maybe Metal no longer get discounted lounge passes.
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They can say that, okay, but we're replacing it with access to Revolut Lounges.
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Possibly at that point they'll have five to ten lounges available, Yan, and they can say goodbye to Dragon Pass, goodbye to Lounge Key.
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You'll get less lounge access, but at the same time, you'll get free lounge access to Revolute Lounges.
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That might be on the extreme end, but I think a cynic would say something like that, particularly given Revolute's recent behavior in terms of, I don't want to say in shittification of their product, because it still is genuinely fantastic for the right person, but we have seen a decline in the value that they're offering.
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I could imagine that happening in the next six to seven years, Johnny.
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Actually, I'm quite convinced it will happen.
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Um but yeah, could also be wrong, obviously, but it feels like it surely.
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Revolute is getting getting worse, partly, and we see that in other areas.
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We've discussed it actually, I believe a month or two months ago, um, that it erased the prices within the European economic area on certain subscription plans, and then they added some subscriptions in there with questionable use.
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We had lovable, which was basically a tier that doesn't exist anywhere else.
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We had laundry heap with very low credits.
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We had flow, which is a subscription uh for for menstrual cycle tracking, so it's only useful for I assume half of Revolute's users, and then we had Duolingo, Super Dolingo, which I'm not sure if you're a subscriber to the paid tier of Dolingo, Johnny.
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I'm not, I can tell you that, and I have no need to do that.
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No, not desiring to upgrade at all.
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So it just felt like they were getting more expensive for no no obvious reason.
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You know, they're trying to find an excuse to raise the price, so not a lot of people are angry about it.
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And I think that's gonna continue happening, and we'll see that in the UK very, very soon.
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And we see that with with other subscriptions being being removed or maybe being tightened a little bit in a way that the user doesn't necessarily experience it right away or feel it right away, recognize that's actually the word I was looking for.
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And they still think they're gonna continue receiving the same value that they used to get, but they're not anymore, actually.
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The worrying thing is though, yeah, and it's like if you just look at the numbers for a moment, retail customers are up 30% from 2024 to 2025, year ending.
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People aren't exactly leaving if revolute are getting worse, it's not pushing people away.
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And then we can just look at the profit before tax is up 57%, revenue is up forty-six percent.
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The numbers are favorable, they are you know in Revolute's corner, people aren't leaving, they hold the power.
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I think that's extremely worrying.
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Because I think that means that it will probably only continue to get worse.
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And I think we should say that the service itself doesn't necessarily get worse as new subscriptions are added.
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I think it's just sad for those that are subscribed to tiers like Ultra and Metal that subscribe for a purpose, like WeWork Access, um that you know, suddenly see tiers diminish in value or new products come in and old products go out, like Perplexity Pro.
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Those users I think maybe go to Reddit, they maybe go to YouTube comments and they maybe complain about it.
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But if you look at the hard numbers, subscription revenue is growing while these negative changes are happening.
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And I think that's extremely worrying because it means they will probably continue to happen.
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Ultimately, I think this all comes down to that valuation, their recent valuation of$115 billion.
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We touched on it already, but I think this is the big driving point.
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The IPO is coming in the future as well.
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Revolute need to be seen to be growing and growing significantly.
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Because$115 billion valuation, if you look at their net profit for year-ending 2025 Yan, that was£1.3 billion.
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At$115 billion, that's a 68x multiplier.
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And that's why it's super important that they have these other verticals like lounges, for example, because they help investors feel more comfortable about investing that money because they aren't just an old-fashioned bank.
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Amex, for example, trades at 20x.
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I think NatWest trades at something like 14 to 15x net profit.
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So Revolu are incredibly overvalued for what they generate in terms of net profit.
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But I appreciate investors are paying for the future outlook here.
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But I think that's ultimately why these products come out and who's driving it all.
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Yeah, and who's the driving force behind this?
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Because we know, we know that it all comes down to one man's vision and potentially one man's paycheck.
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Nicholas Saronsky, and he's very, very motivated to reach these valuations because a part of his net worth, I I would say clearly a majority of his net worth do depend, does depend on whatever valuation Revolute will achieve.
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He's basically compensated, partly similar to how Elon Musk is compensated at SpaceX or Tesla, where he's being awarded stakes in the company once it reaches a certain valuation.
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And it's actually quite clever for both Revolut and for him, obviously, because Revolut's shareholders know for a fact that there's like one guy behind them, or basically in front of them, trying to achieve whatever valuation is possible, you know, really maximize it because he's he's intrinsically motivated, obviously.
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Um, and then it's good for him because his net worth keeps rising.
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The employees share the same sentiment.
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The culture at Revolut is cutthroat growth at all costs.
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That's why they have the new bets department.
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It's all about coming up with new bets, ways to grow the business.
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Revolute lounges is a new bet, it's another opportunity to try and grow.
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It's cutthroat over there.
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Yeah.
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But I've said Yeah, go on.
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You go ahead.
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No, no.
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I was gonna say this is just what worries me about the business.
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Because I think eventually, like if you choose to go for profit and growth over, say, the value-added aspect of a business, over you know, what Revolute was built upon, you know, low fees, accessibility.
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That doesn't exist anymore.
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That's not a thing anymore.
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I don't even think this is all about banking anymore.
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It's quite clearly a subscription platform.
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And what happens over time is those subscriptions all have a cost attached.
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So you look at ways that you can manipulate that cost, and that devalues the product typically in order to make more from those subscriptions.
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And everybody in this machine is hungry and is driven.
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And I think there's only one person that won't come out of this well, and it will be the end user.
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But that's fine, we can all leave, but we won't because we get thrown really shiny toys like lounges.
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Yeah, and Johnny, Johnny, I mean it will never reach the point where it's so bad you want to leave.
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And that's I guess the that's that makes sense, right?
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A lot of products that Enchitify, as you typically call it, a lot of products that that go through this process, they they end up being worse than before, but they never end up being bad.
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They're still the best option out there for that specific thing.
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Yeah, and I guess if you compare Revolut to other subscription bundles, it's probably still the best.
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And with 30% less subscriptions or less value, it'll still be the best because what else is there?
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I mean, you could get Klarna Max, and we've but we've done the comparison together.
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Uh maybe we can link the video in the description.
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It's not fair, it's not a fair comparison.
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Revolute is way better, and that was the conclusion back then.
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And if Revolute had 30% less to offer, it would still be the conclusion.
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Revolute is just so far ahead in terms of value on these subscription plans because there's no other real competitor.
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And it's been, I mean, it since when did that change?
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Revolute is no longer a bank account, it's not a good bank account.
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Revolut standard, to be fair, is actually a shit account, I would say.
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It's one of the worst on the market.
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You're not getting much.
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No, no, and I don't think that I don't think the hard facts.
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I don't think Revolut could argue with us on that either.
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Revolut Standard, no, at least in the UK region, is not good.
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Um plenty of other banks are offering something better.
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And it is, you're you're precisely right.
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It's a funnel for a paid product.
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We've talked about that a lot.
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I think it was around the time Revolut Ultra was released, possibly 2023, late 2023, 24.
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I think that was the beginning of the subscription era.
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One of those subscriptions was WeWork, which has always been an incredible subscription for this great benefit.
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For this uh tier, hasn't it?
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Like I've talked about this holding the majority of the value because you could you get three passes.
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We work three.
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For those that aren't aware, you get three WeWork monthly passes with Revolue Ultra, you get one with Revolut Metal.
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Depending on where you are in the world, that pass may be worth more or less.
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London, for example, could be more expensive 35, 40 pounds, 50 pounds a pass.
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Um, so you're looking at possibly 150.
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You know, I'm spitballing a little bit, but it could be worth 150 pounds a month in value for a subscription that costs roughly 50 to 55 pounds.
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It's fantastic.
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And that's clearly one of the more expensive subscriptions to Revolution.
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It has to be because they obviously pay WeWork every time you redeem one of those passes.
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So what's happened this week or or last week is it looks like Revolut and WeWork have had to renegotiate, I think, the terms.
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Something's happened in the background that we're not fully aware of, but what we know is that Revolu Ultra and Metal users now have access to less WeWork spaces.
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Some include Milan, Paris altogether.
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There's no Paris WeWork availability anymore, Jan.
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Um Edinburgh, some in London.
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I saw someone on Reddit complaining that they could no longer go to their WeWork space in London that they were frequently using.
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And so all of a sudden, people that probably had Ultra for these WeWork passes alone, because it makes sense.
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All of a sudden, they may have lost that access entirely and wanted to get out as quickly as possible.
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And I I think we'll see that some of these really valuable benefits of these tiers, like WeWork, for example, maybe like the FT standard digital, that might get that might get chopped up next, who knows?
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Because that's also full of value.
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We'll see that happening, though, as a result of kind of growth and profit uh at all costs.
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Whether or not this was Revolute's choice, I don't know.
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I I don't know, Jan.
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I don't know what your feel is about this one.
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Maybe WeWork were unhappy with the contract that they originally negotiated with Revolute.
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There must have been a price hike in the background, Johnny.
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That's what happened.
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Very likely.
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So we we work in a price hike in the background, and yeah, I guess they might have renegotiated the contract and then Revolute said, hey, that's too much.
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Can't, you know, we don't we we can't offer that to our customers in this this form, given the current subscription price, and didn't want to raise the subscriptions again, so they probably modified the agreement in this way.
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But it's it's sad, you know?
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It's really sad.
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Yeah, particularly when you look at the I don't want to laugh.
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It's not right to laugh, but Revolute are on the cusp of opening their head office for Western Europe in Paris.
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Paris was one of the cities where they removed WeWork access entirely.
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This is where they are saying that we are making this our home in Western Europe, but you just can't go into a WeWork access.
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I I thought I thought that was quite ironic.
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One thing worth mentioning, I'm sure a lot of people are already aware of this, Jan, but did you see what was happening with the chatbot after this happened?
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People were going to, or at least in one instance, someone went onto the r onto their Revolu app to cancel, got put through to a chatbot when they were trying to cancel their ultra plan.
00:17:06.559 --> 00:17:07.119
Yeah.
00:17:07.440 --> 00:17:10.480
And uh the chatbot told them that they'd have to pay the break fee.
00:17:10.720 --> 00:17:19.680
So they were told they would have to pay a fee for wanting to cancel a plan that no longer provided something that they subscribed to in the first place.
00:17:20.640 --> 00:17:26.559
I think that is I mean, we've always thought this, haven't we, about these plans and these break fees.
00:17:26.799 --> 00:17:32.319
Like, are you are you allowed to break if Revolut changed the Turo credit?
00:17:33.039 --> 00:17:36.240
Are you allowed to break if they get rid of the NordVPN subscription?
00:17:36.400 --> 00:17:38.240
Like, is that allowed?
00:17:38.400 --> 00:17:42.240
It actually comes down to Revolut if they want to let you do that or not.
00:17:42.559 --> 00:17:45.119
In this case, they did because it's obviously terrible optics.
00:17:45.279 --> 00:17:49.680
I'd love to hear from anyone in the comments if if you have any experience with WeWork with Revolut.
00:17:49.920 --> 00:17:52.480
Have you experienced, have you been on the end of this?
00:17:52.640 --> 00:17:55.680
You know, was there a WeWork that you were using that you can no longer access?
00:17:55.839 --> 00:17:57.519
Please do get in the comments, share your story.
00:17:57.599 --> 00:17:58.240
We'd love to hear from you.
00:17:58.799 --> 00:17:59.599
We've seen it, Johnny.
00:17:59.680 --> 00:18:10.319
We've seen it in other areas, as you've teasered in the beginning, ChatGPT coming in, perplexity going out, and Revolute marketing this as this was an upgrade.
00:18:10.559 --> 00:18:11.359
Fascinating.
00:18:11.599 --> 00:18:15.519
We can show this tweet on the screen, but it's definitely not an upgrade, in my opinion.
00:18:15.599 --> 00:18:17.359
We can also show your response, Johnny.
00:18:17.440 --> 00:18:23.200
Um, which is actually, I think that that's uh very, very precisely what you should have said, and you said it great.
00:18:23.359 --> 00:18:26.400
Um totally reflects my opinion on it as well.
00:18:26.640 --> 00:18:35.759
Yeah, what happened was perplexity went away, chat GPT came in, and ChatGPT came in with their their Go tier, which is the the second best tier, I believe.
00:18:35.839 --> 00:18:39.920
It's definitely not the tier that I was subscribed to when I was subscribed to ChatGPT.
00:18:40.079 --> 00:18:44.880
Go gives you a bit more allowances, but it's it's priced at$8 a month.
00:18:44.960 --> 00:18:45.599
Yeah.
00:18:46.000 --> 00:18:51.200
Perplexity going away, and that was priced at I believe it's$20 per month.
00:18:51.440 --> 00:18:54.880
So where is this an upgrade?
00:18:55.039 --> 00:18:55.839
I don't know.
00:18:56.079 --> 00:18:57.119
I'm looking for it.
00:18:57.359 --> 00:18:59.279
I'm looking for it, but it's kind of sad.
00:18:59.440 --> 00:19:06.640
Um, it's kind of sad because Perplexity Pro, very unique feature, super beneficial, gives you access to different models.
00:19:06.799 --> 00:19:08.000
It's great for research.
00:19:08.079 --> 00:19:09.440
I I like it personally.
00:19:09.759 --> 00:19:12.079
I think it's a it's a great subscription.
00:19:12.319 --> 00:19:14.480
And now ChatGPT Go comes in.
00:19:14.640 --> 00:19:23.440
A lot of people likely are subscribed to ChatGPT already, but they might have not been subscribed to to Perplexity, and it's kind of sad for them.
00:19:23.680 --> 00:19:40.000
Also, what I absolutely dislike about this is the fact that when when you start with ChatGPT Go, I've tried it actually on my standard plan because standard users plus users they get three months for free, and then premium users, I believe, six months, metal users and ultra users 12 months.
00:19:40.160 --> 00:19:42.960
As soon as I wanted to sign up, I was prompted to add my credit card.
00:19:43.039 --> 00:19:44.240
And I thought, why why?
00:19:44.400 --> 00:19:45.119
Why would I do that?
00:19:45.200 --> 00:19:48.000
I thought this was a benefit that came with the with the plan.
00:19:48.160 --> 00:19:49.920
Why would I add my credit card?
00:19:50.160 --> 00:19:52.400
And it's because this is a trial.
00:19:52.559 --> 00:19:53.279
This is a trial.
00:19:53.359 --> 00:20:01.519
This was a three-month, this is a three-month trial on the standard plan and plus plan, and a 12-month plan trial on the metal and ultra plan.
00:20:01.920 --> 00:20:04.000
This converts to a paying subscription afterwards.
00:20:04.319 --> 00:20:05.920
You basically clicked on an affiliate link.
00:20:06.079 --> 00:20:06.960
It's an affiliate link.
00:20:07.279 --> 00:20:08.880
Yeah, exactly right, Johnny.
00:20:08.960 --> 00:20:09.599
This is a try.
00:20:09.839 --> 00:20:11.440
And you're offering a try.
00:20:12.079 --> 00:20:17.119
Jan said something uh at the beginning about how Revolute were offering this as an upgrade.
00:20:17.279 --> 00:20:23.200
Um, now it's important to note that in their tweet originally they didn't say it was an upgrade directly, but here's what they said.
00:20:23.519 --> 00:20:24.240
Sounded like it.
00:20:24.640 --> 00:20:24.960
Exactly.
00:20:25.039 --> 00:20:29.359
That's why I want to say this for audio listeners, and we'll put the tweet up for people that are watching on YouTube.
00:20:29.759 --> 00:20:31.599
We are delivering this is what Revolute wrote.
00:20:31.759 --> 00:20:38.640
We are delivering a subscription used by almost one billion people weekly directly to our customers at no extra cost.
00:20:38.799 --> 00:20:46.640
At no extra cost is doing a lot of work here because it is them suggesting that we're giving you this, but don't worry, we're not gonna charge you any more for it.
00:20:47.279 --> 00:20:48.960
That's just how generous.
00:20:49.599 --> 00:20:50.880
Generous we're being.
00:20:51.200 --> 00:20:51.680
Wow.
00:20:51.920 --> 00:20:53.279
So did you go ahead with it?
00:20:53.359 --> 00:20:54.880
Did you put your credit card details in?
00:20:55.039 --> 00:20:56.079
No, I didn't actually.
00:20:56.160 --> 00:20:56.400
I didn't.
00:20:56.640 --> 00:20:58.640
But that was not because I I didn't want to.
00:20:58.720 --> 00:21:09.839
I actually was interested in trying this just to see what the what the rest of the sign-up flow was, but I didn't do that because just yeah, wasn't interested in in another subscription I could potentially forget and then being charged for it.
00:21:09.920 --> 00:21:13.920
Plus, I'm subscribed to Claude, very satisfied, and also subscribe to ChatGPT.
00:21:14.079 --> 00:21:16.319
Um, what's their$20 tier called?
00:21:16.559 --> 00:21:21.759
I forgot already, but the$20 tier, very satisfied, and that's better than ChatGPT Go.
00:21:21.920 --> 00:21:28.000
So I there was no reason for me to change to ChatGPT Go and uh sign up as a paid subscription for that.
00:21:28.160 --> 00:21:30.079
No need, no need, absolutely no need.
00:21:30.160 --> 00:21:31.440
So I didn't do it.
00:21:31.920 --> 00:21:33.200
Yeah, well, I can't blame you.
00:21:33.279 --> 00:21:35.200
I imagine a lot of people won't be doing it as well.
00:21:35.279 --> 00:21:39.119
I can't really see why people would be drawn to grab that opportunity.
00:21:39.279 --> 00:21:45.440
I mean, it's quite clearly uh a uh funnel into paying for chat GPT later down the road.
00:21:45.599 --> 00:21:50.720
Interestingly, when you go on the website, it still says, at least on the UK website, it still says Perplexity Pro.
00:21:50.960 --> 00:21:53.039
Yeah, it's right there instead of Chat GPT.
00:21:53.440 --> 00:21:55.200
So is it not yet available?
00:21:55.359 --> 00:21:58.000
Has this not yet been rolled out in the UK?
00:21:58.240 --> 00:22:01.519
I think September, that's when when It would replace perplexity.
00:22:01.599 --> 00:22:02.960
That's my understanding.
00:22:03.200 --> 00:22:09.920
I'd be just curious what's what's gonna happen if you sign up now and then claim this perplexity benefit.
00:22:10.079 --> 00:22:12.880
Do you still get it for a whole year or you you're not gonna get it?
00:22:12.960 --> 00:22:14.319
Or how is that gonna work?
00:22:14.400 --> 00:22:15.200
I'd be curious.
00:22:15.279 --> 00:22:20.000
Um, if anyone has tried that, please write it into the comments, let us know, enlighten us what happened.
00:22:20.240 --> 00:22:20.960
That's a good question.
00:22:21.039 --> 00:22:25.759
There might be something on some terms and conditions somewhere about that, but that is also a good question.
00:22:25.920 --> 00:22:35.119
I imagine the subscription continues because ultimately these are all it doesn't matter if it's Chat GPT or Go or Perplexity Pro, they are still funnels.
00:22:35.279 --> 00:22:42.960
It's still essentially sharing your data, Revolution are sharing their user data with these companies and saying, here, try and market to these people, you can try and sell them.
00:22:43.119 --> 00:22:48.799
I imagine, yeah, you still get your 12-month Perplexity Pro subscription because it's advantageous to Perplexity Pro.
00:22:49.119 --> 00:22:52.640
Because once that ends, they'll try and upsell you on the next year.
00:22:52.799 --> 00:22:56.799
Um, which I think is what you need to remember with all of these subscriptions.
00:22:57.039 --> 00:23:04.640
You know, you are just a uh porn in a larger data funnel, product funnel.
00:23:04.720 --> 00:23:06.240
That's essentially what it is.
00:23:06.480 --> 00:23:09.359
Um it's a sad fact of reality.
00:23:09.680 --> 00:23:14.559
But subscriptions keep growing, revenue keep growing, profit for revolution, and they will continue.
00:23:14.799 --> 00:23:18.000
They will continue to introduce more subscriptions as well.
00:23:18.240 --> 00:23:19.599
Have no doubt about it.
00:23:19.759 --> 00:23:24.000
I don't believe for a second that we'll see less subscriptions, we'll see them change.
00:23:24.240 --> 00:23:30.880
AI subscriptions will change, possibly the car rental, the VPN may change, and we may see new ones in the future.
00:23:31.039 --> 00:23:50.160
But I'm pretty certain what we're gonna see more of, and we've seen this with American Express and Platinum, is this coupon book era, so to speak, where rather than giving you something that you can directly activate and start using, they'll give you credits for something that you have to jo you have to go and seek out and redeem.
00:23:50.640 --> 00:23:56.240
For example, the credits that you get with what's the uh AI builder uh lovable?
00:23:56.559 --> 00:23:58.559
Is it lovable or is that the menstrual cycle?
00:23:58.799 --> 00:24:00.079
Is that the menstrual cycle one?
00:24:00.559 --> 00:24:01.839
That's the AI builder.
00:24:02.880 --> 00:24:03.359
Sorry.
00:24:03.599 --> 00:24:06.960
You know, that's that's one of those subscriptions where like it's very niche.
00:24:07.839 --> 00:24:08.720
Yeah, I think so.
00:24:08.960 --> 00:24:16.559
It's one of those subscriptions whereby like a lot of people can make use of it, but even more people can't, I imagine.
00:24:16.720 --> 00:24:19.519
And you've got to really seek out to redeem those credits.
00:24:19.680 --> 00:24:20.640
They don't roll over.
00:24:20.799 --> 00:24:23.759
Oh no, I shouldn't say they don't roll over, they do roll over.
00:24:23.920 --> 00:24:25.680
Correct me if I'm wrong, they roll over.
00:24:25.759 --> 00:24:30.640
I think you get three months of rollover with that subscription and then they expire.
00:24:30.799 --> 00:24:32.960
Um, that's definitely worth confirming quickly.
00:24:33.039 --> 00:24:35.519
But my point is with Lovable, I think.
00:24:35.599 --> 00:24:36.240
I think they don't have a lot of people.
00:24:36.319 --> 00:24:40.720
Oh Johnny, Johnny, lovable gives you a hundred credits per year, okay?
00:24:40.960 --> 00:24:41.680
Per year.
00:24:41.839 --> 00:24:46.240
Okay, there's no plan on the lovable website that gives you a hundred credits per year.
00:24:46.319 --> 00:24:47.200
I still have that in my mind.
00:24:47.279 --> 00:24:49.359
I was I was furious when I read that.
00:24:49.519 --> 00:24:52.240
So this is a very this is like a light try.
00:24:52.480 --> 00:24:53.200
A light try.
00:24:53.279 --> 00:24:56.240
So you get a one-year subscription, but only a hundred credits?
00:24:56.480 --> 00:24:57.519
Ridiculous.
00:24:57.839 --> 00:24:59.119
You can't make use of that.
00:24:59.279 --> 00:25:05.519
You'll burn through these credits in one session, and then you'll think, oh, how how can I modify the product if I don't have any credits anymore?
00:25:05.680 --> 00:25:06.720
Well, guess, guess what?
00:25:06.880 --> 00:25:09.680
You have to um you have to upgrade, you have to recharge, you have to buy more.
00:25:10.000 --> 00:25:10.480
More tokens.
00:25:10.880 --> 00:25:11.599
Exactly.
00:25:11.759 --> 00:25:14.559
So this is the a very, very clear try.
00:25:14.880 --> 00:25:17.119
I did get it confused with laundry heat, which is the same thing.
00:25:17.279 --> 00:25:18.240
Yeah, laundry heat.
00:25:18.319 --> 00:25:19.279
That rolls over.
00:25:19.680 --> 00:25:24.960
And this is what we mean about revolut changing and arguably for the worse, arguably not.
00:25:25.039 --> 00:25:28.720
I'm sure some people can get in the comments and tell us that they really like using Revolut.
00:25:28.960 --> 00:25:32.079
And I still like using aspects of Revolut as well, personally.
00:25:32.240 --> 00:25:35.359
I think that's the power of Revolut, isn't it?
00:25:35.440 --> 00:25:41.279
That they can arguably diminish a product but still hold control of the market and be the big player.
00:25:41.440 --> 00:25:43.599
You know, this is what we mean by Revolut is changing.
00:25:43.680 --> 00:26:00.400
Things are deteriorating, and what we can expect to see in the future probably won't be that favorable or that generous as they chase as much profit, monetization, as much revenue as possible, because uh on the on their backs are massive investors.
00:26:01.039 --> 00:26:07.440
Companies with billions and billions of dollars on the line that need revolution to succeed.
00:26:08.079 --> 00:26:13.440
And in order to succeed, they need their costs to come down and the money they generate to go up.
00:26:13.680 --> 00:26:15.119
It's it's frightening, Jan.
00:26:15.279 --> 00:26:23.200
Um it's funny, isn't it, how Jan, the the tide has changed to some degree with Revolu, I think.
00:26:25.359 --> 00:26:29.440
Like if you're listening or watching this, what is your perception of Revolut at this point?
00:26:30.480 --> 00:26:32.000
I'd love to hear from you.
00:26:32.880 --> 00:26:35.279
My view has shifted.
00:26:35.759 --> 00:26:36.880
I think Jan would agree.
00:26:37.039 --> 00:26:44.720
I mean, me and me and you, weren't we talking about Revolut as if they were like the the next Jesus, the second coming of Jesus?
00:26:45.039 --> 00:27:00.480
Do you remember like 2022, 2023, the amount of times we probably had conversations about how good Revolute were, and particularly from a fees perspective, and now we are battling with the idea that they are becoming almost like the you know, the devil, the bad person.
00:27:01.039 --> 00:27:06.160
I just had in my mind Nicholas Sturonsky next to Jesus, and I was wondering if they look any similar.
00:27:06.319 --> 00:27:08.319
Um but I think they don't actually.
00:27:08.400 --> 00:27:14.720
Uh the hair hair would need to grow a little bit longer, might have to become a little bit darker in order to uh to see similarity.
00:27:14.799 --> 00:27:16.960
But uh yeah, that's just that's just me, Johnny.
00:27:21.920 --> 00:27:22.319
Yeah.
00:27:22.559 --> 00:27:23.440
That's harsh.
00:27:23.680 --> 00:27:26.880
Well, that's uh I mean that's that's a transition that makes sense.
00:27:26.960 --> 00:27:27.839
Is it all negative?
00:27:27.920 --> 00:27:31.279
It's probably not all negative, but I'm wondering, Johnny.
00:27:31.759 --> 00:27:34.319
We we we see it on the on the paper here, right?
00:27:34.400 --> 00:27:48.240
We we know for a fact that Nikolas Doronski has a an additional stock package that's being triggered at 200 billion dollars of valuation that would basically bottom 40 40% of the company in total.
00:27:48.480 --> 00:27:53.680
In order to reach these huge valuations, what do they need to do?
00:27:53.920 --> 00:28:03.440
You know, and and and for sure the product has to become a little bit worse in order to achieve that because the profit needs to rise, the margin needs to rise ideally at the same time.
00:28:03.599 --> 00:28:17.519
They're in high in a hypergrowth phase and they need to continue that for the next few years, else the you know the the story's over, the bubble will burst, the the thing will will will yeah be evaluated as a bank and not as a what is it even?
00:28:17.599 --> 00:28:18.960
Is it a subscription company?
00:28:19.039 --> 00:28:19.599
I don't know.
00:28:19.759 --> 00:28:22.720
Is it uh tech tech tech bank?
00:28:22.880 --> 00:28:25.519
Bank like if it oh I know fintech.
00:28:26.319 --> 00:28:30.319
Um I don't know, I don't know, I don't know if it's a fintech anymore though.
00:28:31.119 --> 00:28:31.599
What is it?
00:28:31.680 --> 00:28:32.400
Yeah, good question.
00:28:32.480 --> 00:28:32.799
What is it?
00:28:32.880 --> 00:28:35.440
I'd be curious what everyone listening thinks about this.
00:28:35.599 --> 00:28:38.400
Write into the comments, let us know what you think Revolute is.
00:28:38.559 --> 00:28:39.599
I'm not sure anymore.
00:28:39.680 --> 00:28:43.440
I don't think there's any any term in the world that can describe this.
00:28:43.759 --> 00:28:52.559
It's a thing, it does what it does, it's growing fast, and it's aiming to reach 200 billion dollars of valuation, ideally, pretty soon.
00:28:52.640 --> 00:28:56.720
So Sturonsky gets his stake, can buy another mega yacht.
00:28:57.200 --> 00:28:58.720
Without paying the broker.
00:28:58.960 --> 00:29:04.880
If anyone's not familiar with that story, Sturonsky recently basically shafted the broker of a yacht deal.
00:29:04.960 --> 00:29:06.960
Uh he went straight to the the seller.
00:29:07.200 --> 00:29:16.720
He I think he went out there yan looking to buy a yacht, spoke to a broker who recommended one, found him one, and then instead of buying through the broker, he went straight to the the dealer.
00:29:17.119 --> 00:29:18.799
We don't know the details, Johnny, of this.
00:29:18.880 --> 00:29:25.279
If this was could have been all all legit, but news news were reporting on it, and that's when we became aware of it.
00:29:25.519 --> 00:29:28.480
That prop that maybe that tells you something about the man behind Revolut.
00:29:28.720 --> 00:29:30.799
You know, he's shrewd, isn't he?
00:29:30.960 --> 00:29:44.640
He's very shrewd, he's very driven, and he is the driving force behind Revolute changing what is arguably for the worst in the you know, this desperate chase for maximum value for shareholders.
00:29:44.960 --> 00:29:50.319
In the coming future, Revolute will change dramatically, things will happen, and be prepared for that.
00:29:50.480 --> 00:30:06.559
The bet the best thing you can do is before signing up for any of these subscription tiers, don't go into it looking for just one product because that one product is fickle and it could disappear in a moment, and you may have to pay a break fee to get out of that contract.
00:30:06.799 --> 00:30:20.400
So if you're interested in ultra, if you're interested in metal, try at least to pin your usage or your interest on a couple of other products that are benefits or features that are available, not just We Work, for example.
00:30:20.799 --> 00:30:21.359
Very well said.
00:30:21.759 --> 00:30:22.640
Okay, everybody.
00:30:22.720 --> 00:30:24.400
Uh, we'd love to hear your thoughts.
00:30:24.640 --> 00:30:29.359
Get in the comments, and if you want to take the conversation further, come over to the Discord.
00:30:29.440 --> 00:30:31.359
I'll put a QR code up on the screen right now.
00:30:31.519 --> 00:30:33.759
Links in the description box or the show notes.
00:30:33.920 --> 00:30:36.240
Come join the server, become a founding member.
00:30:36.400 --> 00:30:38.559
We've got over a hundred members now, it's growing.
00:30:38.640 --> 00:30:39.519
The community's cool.
00:30:39.599 --> 00:30:48.079
People are talking about a lot of stuff from Revolute to Monzo to printers to cards to taxes to mobile contracts.
00:30:48.319 --> 00:30:49.599
It's a great place to learn.
00:30:49.680 --> 00:30:59.759
And if you want to support the show and you're watching on YouTube, like the video, subscribe to the channel, and if you're listening to this, Apple, Spotify, however you get your podcast, do consider giving us five stars.
00:30:59.920 --> 00:31:00.799
That's it.
00:31:00.880 --> 00:31:02.799
I'm not very good at wrapping these shows up, Jan.
00:31:02.880 --> 00:31:04.400
Have you got anything else to add?
00:31:05.039 --> 00:31:05.680
Done.
00:31:05.920 --> 00:31:06.240
Done.
00:31:06.480 --> 00:31:07.440
Goodbye, everyone.
00:31:07.680 --> 00:31:08.000
Done.
00:31:08.160 --> 00:31:08.720
Goodbye.
00:31:08.880 --> 00:31:09.759
Take care.
00:31:10.000 --> 00:31:10.799
It's been a pleasure.
00:00:00.000 --> 00:00:02.399
Okay, welcome back to another episode of Banking Without Borders.
00:00:02.479 --> 00:00:04.559
So Revolu is changing and fast.
00:00:04.719 --> 00:00:06.719
They're building an airport lounge in Copenhagen.
00:00:06.799 --> 00:00:10.000
It opens next year, and they're calling it the biggest in the Schengen area.
00:00:10.160 --> 00:00:13.679
Now, on its own, that's just a fun story about a bank with too much money.
00:00:13.759 --> 00:00:17.760
But in the same few weeks, Revolu also quietly shrank a benefit.
00:00:17.920 --> 00:00:24.000
Metal and Ultra customers lost access to a load of Wii Work spaces, including the whole of Paris.
00:00:24.160 --> 00:00:29.440
And they recently swapped out Perplexity Pro for a cheaper version of ChatGPT.
00:00:29.600 --> 00:00:34.399
There was no announcement, besides a tweet, no email, users just get less.
00:00:34.560 --> 00:00:41.920
So in this episode, we're going to dig into what's actually happening at Revolute because we think these changes are all connected and there's one driving force behind the lot.
00:00:42.079 --> 00:00:44.799
And this isn't going to be a Revolute is getting worse episode.
00:00:44.880 --> 00:00:48.320
It's more like a Revolut is becoming something else episode.
00:00:48.399 --> 00:00:52.159
And I'll let you decide whether that something else is better or worse.
00:00:52.320 --> 00:00:54.240
And as always, do let us know in the comments.
00:00:54.320 --> 00:00:55.359
We'd love to hear your thoughts.
00:00:55.439 --> 00:00:57.439
So Jan, should we just kick off with the lounges?
00:00:57.520 --> 00:00:58.479
What have they actually announced?
00:00:58.719 --> 00:01:06.879
Johnny, Revolute just announced that they're gonna launch their own Revolute branded launch in the Copenhagen airport in 2027.
00:01:07.120 --> 00:01:08.959
They're not gonna run this on their own.
00:01:09.040 --> 00:01:13.120
Um, so they're not gonna go into catering, these kind of logistics.
00:01:13.280 --> 00:01:14.560
They're gonna stay a bank.
00:01:14.719 --> 00:01:17.280
Plaza Premium Group is gonna handle that for them.
00:01:17.359 --> 00:01:26.159
Um Plaza Premium Group, they run launches, many launches, which you actually currently already have access to if you subscribe to Revolut Ultra with their launch key.
00:01:26.239 --> 00:01:29.040
It should give you access to most Plaza Premium Launches at least.
00:01:29.120 --> 00:01:36.000
And this Revolute branded launch is built as the largest common use launch in the Schengen area.
00:01:36.079 --> 00:01:39.040
So it's going to be quite a thing, most likely.
00:01:39.120 --> 00:01:45.599
And they also describe it as a blueprint to scale across other European markets from 2027 and beyond.
00:01:45.760 --> 00:01:49.920
So you'll most likely see other Revolute launches pop up.
00:01:50.159 --> 00:01:52.719
And what's not clear is who gets access.
00:01:52.879 --> 00:01:56.319
I assume Revolute Ultra members probably get access.
00:01:56.400 --> 00:01:58.319
You'd expect that at least, free of charge.
00:01:58.400 --> 00:02:01.120
Uh, maybe metal members, maybe premium members.
00:02:01.359 --> 00:02:07.599
I doubt you'll get free access with a standard plan, but maybe, yeah, if that's the case, actually, um, take my word for it.
00:02:07.680 --> 00:02:14.639
I'm gonna fly to Copenhagen to take a look at that launch myself and um see what I think about it.
00:02:15.280 --> 00:02:17.520
So, why do we think they're doing this, Jan?
00:02:17.759 --> 00:02:27.439
Launching lounges, besides the fact that they are, well, desperately trying to not just look like a physical bank or a digital bank, I should say.
00:02:27.599 --> 00:02:30.879
They obviously want to look like something more than just a bank.
00:02:31.039 --> 00:02:32.560
Why do you think they're gonna be doing this?
00:02:32.719 --> 00:02:38.719
This episode is sponsored by no one really, just Jan and I and our website, depositscout.com.
00:02:38.879 --> 00:02:43.840
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But it's also, if we look at the rate history graph, the all-time high of whatever they've they've offered in the past, 4.8%.
00:03:21.919 --> 00:03:26.240
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00:03:42.080 --> 00:03:42.719
Thank you very much.
00:03:42.960 --> 00:03:44.560
Yeah, it's a good question, Johnny.
00:03:44.800 --> 00:03:46.159
Pressure, pressure.
00:03:46.400 --> 00:03:47.599
Being a bank is boring.
00:03:47.759 --> 00:03:49.199
Being a bank is a boring business.
00:03:49.360 --> 00:03:54.319
We're gonna talk about Revolut's valuation in just a bit, um, but I think that's the the core reason.
00:03:54.479 --> 00:04:05.039
Besides that, I could also imagine that LaunchKey, these other services, they're kind of kind of expensive, and maybe, maybe, but it's just an assumption.
00:04:05.280 --> 00:04:13.919
Revolute will transform to a service that has their own launches, you know, all over the world potentially in many, many different airports, and then they're gonna cut lounge key eventually.
00:04:14.000 --> 00:04:17.360
Move the subscription in-house, basically, so they can control it better.
00:04:17.600 --> 00:04:25.519
Because they've lost control over certain subscriptions that were included in the past that are not included in the same form at least anymore.
00:04:25.680 --> 00:04:28.399
And I could see that happening going forward in subscription.
00:04:28.480 --> 00:04:31.439
We know that for a fact, are very, very important for Revolute.
00:04:31.680 --> 00:04:41.759
They're one of the they're actually the fastest growing vertical, they're the fastest growing product, and um, that's why they want to keep them in place as as best as possible.
00:04:42.000 --> 00:04:43.040
Yes, as good as possible.
00:04:43.759 --> 00:05:00.720
Jan is essentially suggesting that Revolute are trying to distill or remove the aggregators or the middlemen that are involved in this transaction between you, the user, and Revolut when you're booking the lounge or when you're signing up for Ultra and essentially getting Dragon Pass or Lounge Key for a year.
00:05:00.879 --> 00:05:06.560
So if they can launch their own lounges, then they can remove that cost because it's a margin issue, isn't it?
00:05:06.639 --> 00:05:08.480
Yeah, just eating away at their margin.
00:05:08.720 --> 00:05:09.759
That is very long term.
00:05:09.920 --> 00:05:15.519
What if Revolut uses this as an opportunity to gradually just get rid of Lounge Pass and Dragon Key?
00:05:15.680 --> 00:05:22.319
Possibly the product starts to gradually decline in the access to lounges that you get.
00:05:22.480 --> 00:05:24.079
Maybe it just vanishes altogether.
00:05:24.240 --> 00:05:27.360
Maybe Metal no longer get discounted lounge passes.
00:05:27.519 --> 00:05:31.680
They can say that, okay, but we're replacing it with access to Revolut Lounges.
00:05:31.839 --> 00:05:38.959
Possibly at that point they'll have five to ten lounges available, Yan, and they can say goodbye to Dragon Pass, goodbye to Lounge Key.
00:05:39.199 --> 00:05:45.040
You'll get less lounge access, but at the same time, you'll get free lounge access to Revolute Lounges.
00:05:45.199 --> 00:06:01.040
That might be on the extreme end, but I think a cynic would say something like that, particularly given Revolute's recent behavior in terms of, I don't want to say in shittification of their product, because it still is genuinely fantastic for the right person, but we have seen a decline in the value that they're offering.
00:06:01.279 --> 00:06:04.240
I could imagine that happening in the next six to seven years, Johnny.
00:06:04.319 --> 00:06:06.240
Actually, I'm quite convinced it will happen.
00:06:06.399 --> 00:06:10.639
Um but yeah, could also be wrong, obviously, but it feels like it surely.
00:06:11.040 --> 00:06:16.240
Revolute is getting getting worse, partly, and we see that in other areas.
00:06:16.319 --> 00:06:30.319
We've discussed it actually, I believe a month or two months ago, um, that it erased the prices within the European economic area on certain subscription plans, and then they added some subscriptions in there with questionable use.
00:06:30.800 --> 00:06:34.959
We had lovable, which was basically a tier that doesn't exist anywhere else.
00:06:35.040 --> 00:06:37.439
We had laundry heap with very low credits.
00:06:37.519 --> 00:06:51.040
We had flow, which is a subscription uh for for menstrual cycle tracking, so it's only useful for I assume half of Revolute's users, and then we had Duolingo, Super Dolingo, which I'm not sure if you're a subscriber to the paid tier of Dolingo, Johnny.
00:06:51.120 --> 00:06:53.600
I'm not, I can tell you that, and I have no need to do that.
00:06:53.759 --> 00:06:56.079
No, not desiring to upgrade at all.
00:06:56.560 --> 00:07:00.560
So it just felt like they were getting more expensive for no no obvious reason.
00:07:00.639 --> 00:07:05.839
You know, they're trying to find an excuse to raise the price, so not a lot of people are angry about it.
00:07:06.079 --> 00:07:11.439
And I think that's gonna continue happening, and we'll see that in the UK very, very soon.
00:07:11.519 --> 00:07:22.800
And we see that with with other subscriptions being being removed or maybe being tightened a little bit in a way that the user doesn't necessarily experience it right away or feel it right away, recognize that's actually the word I was looking for.
00:07:22.959 --> 00:07:28.319
And they still think they're gonna continue receiving the same value that they used to get, but they're not anymore, actually.
00:07:28.560 --> 00:07:38.319
The worrying thing is though, yeah, and it's like if you just look at the numbers for a moment, retail customers are up 30% from 2024 to 2025, year ending.
00:07:38.560 --> 00:07:43.360
People aren't exactly leaving if revolute are getting worse, it's not pushing people away.
00:07:43.519 --> 00:07:50.079
And then we can just look at the profit before tax is up 57%, revenue is up forty-six percent.
00:07:50.319 --> 00:07:57.920
The numbers are favorable, they are you know in Revolute's corner, people aren't leaving, they hold the power.
00:07:58.079 --> 00:07:59.519
I think that's extremely worrying.
00:08:00.240 --> 00:08:04.720
Because I think that means that it will probably only continue to get worse.
00:08:05.199 --> 00:08:11.439
And I think we should say that the service itself doesn't necessarily get worse as new subscriptions are added.
00:08:11.920 --> 00:08:31.360
I think it's just sad for those that are subscribed to tiers like Ultra and Metal that subscribe for a purpose, like WeWork Access, um that you know, suddenly see tiers diminish in value or new products come in and old products go out, like Perplexity Pro.
00:08:31.680 --> 00:08:36.240
Those users I think maybe go to Reddit, they maybe go to YouTube comments and they maybe complain about it.
00:08:36.320 --> 00:08:44.320
But if you look at the hard numbers, subscription revenue is growing while these negative changes are happening.
00:08:44.399 --> 00:08:49.200
And I think that's extremely worrying because it means they will probably continue to happen.
00:08:49.360 --> 00:08:54.879
Ultimately, I think this all comes down to that valuation, their recent valuation of$115 billion.
00:08:55.360 --> 00:08:58.159
We touched on it already, but I think this is the big driving point.
00:08:58.320 --> 00:09:00.320
The IPO is coming in the future as well.
00:09:00.559 --> 00:09:04.879
Revolute need to be seen to be growing and growing significantly.
00:09:05.200 --> 00:09:14.559
Because$115 billion valuation, if you look at their net profit for year-ending 2025 Yan, that was£1.3 billion.
00:09:15.039 --> 00:09:18.159
At$115 billion, that's a 68x multiplier.
00:09:18.240 --> 00:09:30.240
And that's why it's super important that they have these other verticals like lounges, for example, because they help investors feel more comfortable about investing that money because they aren't just an old-fashioned bank.
00:09:30.480 --> 00:09:33.360
Amex, for example, trades at 20x.
00:09:33.679 --> 00:09:38.320
I think NatWest trades at something like 14 to 15x net profit.
00:09:38.480 --> 00:09:45.279
So Revolu are incredibly overvalued for what they generate in terms of net profit.
00:09:45.360 --> 00:09:48.320
But I appreciate investors are paying for the future outlook here.
00:09:48.480 --> 00:09:52.799
But I think that's ultimately why these products come out and who's driving it all.
00:09:52.960 --> 00:09:55.120
Yeah, and who's the driving force behind this?
00:09:55.279 --> 00:10:01.039
Because we know, we know that it all comes down to one man's vision and potentially one man's paycheck.
00:10:01.279 --> 00:10:16.480
Nicholas Saronsky, and he's very, very motivated to reach these valuations because a part of his net worth, I I would say clearly a majority of his net worth do depend, does depend on whatever valuation Revolute will achieve.
00:10:16.639 --> 00:10:27.360
He's basically compensated, partly similar to how Elon Musk is compensated at SpaceX or Tesla, where he's being awarded stakes in the company once it reaches a certain valuation.
00:10:27.519 --> 00:10:47.120
And it's actually quite clever for both Revolut and for him, obviously, because Revolut's shareholders know for a fact that there's like one guy behind them, or basically in front of them, trying to achieve whatever valuation is possible, you know, really maximize it because he's he's intrinsically motivated, obviously.
00:10:47.279 --> 00:10:50.480
Um, and then it's good for him because his net worth keeps rising.
00:10:50.720 --> 00:10:52.159
The employees share the same sentiment.
00:10:52.240 --> 00:10:55.679
The culture at Revolut is cutthroat growth at all costs.
00:10:55.919 --> 00:10:57.759
That's why they have the new bets department.
00:10:57.840 --> 00:11:00.399
It's all about coming up with new bets, ways to grow the business.
00:11:00.559 --> 00:11:04.879
Revolute lounges is a new bet, it's another opportunity to try and grow.
00:11:05.120 --> 00:11:06.960
It's cutthroat over there.
00:11:07.360 --> 00:11:07.519
Yeah.
00:11:07.840 --> 00:11:10.080
But I've said Yeah, go on.
00:11:10.399 --> 00:11:10.799
You go ahead.
00:11:10.960 --> 00:11:11.200
No, no.
00:11:11.440 --> 00:11:13.679
I was gonna say this is just what worries me about the business.
00:11:13.919 --> 00:11:27.360
Because I think eventually, like if you choose to go for profit and growth over, say, the value-added aspect of a business, over you know, what Revolute was built upon, you know, low fees, accessibility.
00:11:28.480 --> 00:11:29.679
That doesn't exist anymore.
00:11:29.759 --> 00:11:30.639
That's not a thing anymore.
00:11:30.799 --> 00:11:32.720
I don't even think this is all about banking anymore.
00:11:32.799 --> 00:11:34.720
It's quite clearly a subscription platform.
00:11:35.039 --> 00:11:39.600
And what happens over time is those subscriptions all have a cost attached.
00:11:39.759 --> 00:11:47.120
So you look at ways that you can manipulate that cost, and that devalues the product typically in order to make more from those subscriptions.
00:11:47.679 --> 00:11:52.559
And everybody in this machine is hungry and is driven.
00:11:52.960 --> 00:11:58.639
And I think there's only one person that won't come out of this well, and it will be the end user.
00:11:58.799 --> 00:12:05.519
But that's fine, we can all leave, but we won't because we get thrown really shiny toys like lounges.
00:12:05.919 --> 00:12:13.120
Yeah, and Johnny, Johnny, I mean it will never reach the point where it's so bad you want to leave.
00:12:13.360 --> 00:12:16.879
And that's I guess the that's that makes sense, right?
00:12:17.120 --> 00:12:28.720
A lot of products that Enchitify, as you typically call it, a lot of products that that go through this process, they they end up being worse than before, but they never end up being bad.
00:12:28.799 --> 00:12:31.440
They're still the best option out there for that specific thing.
00:12:31.519 --> 00:12:36.240
Yeah, and I guess if you compare Revolut to other subscription bundles, it's probably still the best.
00:12:36.320 --> 00:12:41.600
And with 30% less subscriptions or less value, it'll still be the best because what else is there?
00:12:41.679 --> 00:12:44.799
I mean, you could get Klarna Max, and we've but we've done the comparison together.
00:12:44.879 --> 00:12:47.519
Uh maybe we can link the video in the description.
00:12:48.000 --> 00:12:49.919
It's not fair, it's not a fair comparison.
00:12:50.000 --> 00:12:52.559
Revolute is way better, and that was the conclusion back then.
00:12:52.639 --> 00:12:56.639
And if Revolute had 30% less to offer, it would still be the conclusion.
00:12:56.799 --> 00:13:03.120
Revolute is just so far ahead in terms of value on these subscription plans because there's no other real competitor.
00:13:03.360 --> 00:13:06.879
And it's been, I mean, it since when did that change?
00:13:07.039 --> 00:13:10.559
Revolute is no longer a bank account, it's not a good bank account.
00:13:10.639 --> 00:13:14.320
Revolut standard, to be fair, is actually a shit account, I would say.
00:13:14.399 --> 00:13:15.679
It's one of the worst on the market.
00:13:15.840 --> 00:13:16.960
You're not getting much.
00:13:17.279 --> 00:13:19.840
No, no, and I don't think that I don't think the hard facts.
00:13:20.240 --> 00:13:22.240
I don't think Revolut could argue with us on that either.
00:13:22.399 --> 00:13:26.240
Revolut Standard, no, at least in the UK region, is not good.
00:13:26.320 --> 00:13:28.639
Um plenty of other banks are offering something better.
00:13:28.799 --> 00:13:30.159
And it is, you're you're precisely right.
00:13:30.240 --> 00:13:31.600
It's a funnel for a paid product.
00:13:31.679 --> 00:13:32.559
We've talked about that a lot.
00:13:32.720 --> 00:13:38.240
I think it was around the time Revolut Ultra was released, possibly 2023, late 2023, 24.
00:13:38.399 --> 00:13:40.879
I think that was the beginning of the subscription era.
00:13:41.200 --> 00:13:49.840
One of those subscriptions was WeWork, which has always been an incredible subscription for this great benefit.
00:13:50.240 --> 00:13:52.000
For this uh tier, hasn't it?
00:13:52.080 --> 00:13:57.679
Like I've talked about this holding the majority of the value because you could you get three passes.
00:13:57.840 --> 00:13:58.480
We work three.
00:13:58.559 --> 00:14:03.440
For those that aren't aware, you get three WeWork monthly passes with Revolue Ultra, you get one with Revolut Metal.
00:14:03.600 --> 00:14:07.519
Depending on where you are in the world, that pass may be worth more or less.
00:14:07.679 --> 00:14:12.639
London, for example, could be more expensive 35, 40 pounds, 50 pounds a pass.
00:14:12.799 --> 00:14:15.600
Um, so you're looking at possibly 150.
00:14:15.919 --> 00:14:23.759
You know, I'm spitballing a little bit, but it could be worth 150 pounds a month in value for a subscription that costs roughly 50 to 55 pounds.
00:14:24.399 --> 00:14:25.200
It's fantastic.
00:14:25.440 --> 00:14:30.559
And that's clearly one of the more expensive subscriptions to Revolution.
00:14:30.799 --> 00:14:36.080
It has to be because they obviously pay WeWork every time you redeem one of those passes.
00:14:36.559 --> 00:14:46.399
So what's happened this week or or last week is it looks like Revolut and WeWork have had to renegotiate, I think, the terms.
00:14:46.720 --> 00:14:56.559
Something's happened in the background that we're not fully aware of, but what we know is that Revolu Ultra and Metal users now have access to less WeWork spaces.
00:14:57.039 --> 00:15:00.799
Some include Milan, Paris altogether.
00:15:00.960 --> 00:15:03.840
There's no Paris WeWork availability anymore, Jan.
00:15:04.399 --> 00:15:06.799
Um Edinburgh, some in London.
00:15:06.960 --> 00:15:13.360
I saw someone on Reddit complaining that they could no longer go to their WeWork space in London that they were frequently using.
00:15:14.159 --> 00:15:21.679
And so all of a sudden, people that probably had Ultra for these WeWork passes alone, because it makes sense.
00:15:22.159 --> 00:15:26.879
All of a sudden, they may have lost that access entirely and wanted to get out as quickly as possible.
00:15:26.960 --> 00:15:40.240
And I I think we'll see that some of these really valuable benefits of these tiers, like WeWork, for example, maybe like the FT standard digital, that might get that might get chopped up next, who knows?
00:15:40.399 --> 00:15:41.679
Because that's also full of value.
00:15:41.840 --> 00:15:47.039
We'll see that happening, though, as a result of kind of growth and profit uh at all costs.
00:15:47.279 --> 00:15:49.919
Whether or not this was Revolute's choice, I don't know.
00:15:50.000 --> 00:15:50.960
I I don't know, Jan.
00:15:51.039 --> 00:15:53.039
I don't know what your feel is about this one.
00:15:53.279 --> 00:15:58.399
Maybe WeWork were unhappy with the contract that they originally negotiated with Revolute.
00:15:58.720 --> 00:16:01.039
There must have been a price hike in the background, Johnny.
00:16:01.120 --> 00:16:02.000
That's what happened.
00:16:02.159 --> 00:16:02.720
Very likely.
00:16:03.039 --> 00:16:10.960
So we we work in a price hike in the background, and yeah, I guess they might have renegotiated the contract and then Revolute said, hey, that's too much.
00:16:11.200 --> 00:16:23.279
Can't, you know, we don't we we can't offer that to our customers in this this form, given the current subscription price, and didn't want to raise the subscriptions again, so they probably modified the agreement in this way.
00:16:23.360 --> 00:16:24.799
But it's it's sad, you know?
00:16:24.960 --> 00:16:25.759
It's really sad.
00:16:26.000 --> 00:16:28.720
Yeah, particularly when you look at the I don't want to laugh.
00:16:28.799 --> 00:16:35.759
It's not right to laugh, but Revolute are on the cusp of opening their head office for Western Europe in Paris.
00:16:36.000 --> 00:16:39.919
Paris was one of the cities where they removed WeWork access entirely.
00:16:40.399 --> 00:16:47.919
This is where they are saying that we are making this our home in Western Europe, but you just can't go into a WeWork access.
00:16:48.080 --> 00:16:49.759
I I thought I thought that was quite ironic.
00:16:50.080 --> 00:16:55.759
One thing worth mentioning, I'm sure a lot of people are already aware of this, Jan, but did you see what was happening with the chatbot after this happened?
00:16:55.840 --> 00:17:06.400
People were going to, or at least in one instance, someone went onto the r onto their Revolu app to cancel, got put through to a chatbot when they were trying to cancel their ultra plan.
00:17:06.559 --> 00:17:07.119
Yeah.
00:17:07.440 --> 00:17:10.480
And uh the chatbot told them that they'd have to pay the break fee.
00:17:10.720 --> 00:17:19.680
So they were told they would have to pay a fee for wanting to cancel a plan that no longer provided something that they subscribed to in the first place.
00:17:20.640 --> 00:17:26.559
I think that is I mean, we've always thought this, haven't we, about these plans and these break fees.
00:17:26.799 --> 00:17:32.319
Like, are you are you allowed to break if Revolut changed the Turo credit?
00:17:33.039 --> 00:17:36.240
Are you allowed to break if they get rid of the NordVPN subscription?
00:17:36.400 --> 00:17:38.240
Like, is that allowed?
00:17:38.400 --> 00:17:42.240
It actually comes down to Revolut if they want to let you do that or not.
00:17:42.559 --> 00:17:45.119
In this case, they did because it's obviously terrible optics.
00:17:45.279 --> 00:17:49.680
I'd love to hear from anyone in the comments if if you have any experience with WeWork with Revolut.
00:17:49.920 --> 00:17:52.480
Have you experienced, have you been on the end of this?
00:17:52.640 --> 00:17:55.680
You know, was there a WeWork that you were using that you can no longer access?
00:17:55.839 --> 00:17:57.519
Please do get in the comments, share your story.
00:17:57.599 --> 00:17:58.240
We'd love to hear from you.
00:17:58.799 --> 00:17:59.599
We've seen it, Johnny.
00:17:59.680 --> 00:18:10.319
We've seen it in other areas, as you've teasered in the beginning, ChatGPT coming in, perplexity going out, and Revolute marketing this as this was an upgrade.
00:18:10.559 --> 00:18:11.359
Fascinating.
00:18:11.599 --> 00:18:15.519
We can show this tweet on the screen, but it's definitely not an upgrade, in my opinion.
00:18:15.599 --> 00:18:17.359
We can also show your response, Johnny.
00:18:17.440 --> 00:18:23.200
Um, which is actually, I think that that's uh very, very precisely what you should have said, and you said it great.
00:18:23.359 --> 00:18:26.400
Um totally reflects my opinion on it as well.
00:18:26.640 --> 00:18:35.759
Yeah, what happened was perplexity went away, chat GPT came in, and ChatGPT came in with their their Go tier, which is the the second best tier, I believe.
00:18:35.839 --> 00:18:39.920
It's definitely not the tier that I was subscribed to when I was subscribed to ChatGPT.
00:18:40.079 --> 00:18:44.880
Go gives you a bit more allowances, but it's it's priced at$8 a month.
00:18:44.960 --> 00:18:45.599
Yeah.
00:18:46.000 --> 00:18:51.200
Perplexity going away, and that was priced at I believe it's$20 per month.
00:18:51.440 --> 00:18:54.880
So where is this an upgrade?
00:18:55.039 --> 00:18:55.839
I don't know.
00:18:56.079 --> 00:18:57.119
I'm looking for it.
00:18:57.359 --> 00:18:59.279
I'm looking for it, but it's kind of sad.
00:18:59.440 --> 00:19:06.640
Um, it's kind of sad because Perplexity Pro, very unique feature, super beneficial, gives you access to different models.
00:19:06.799 --> 00:19:08.000
It's great for research.
00:19:08.079 --> 00:19:09.440
I I like it personally.
00:19:09.759 --> 00:19:12.079
I think it's a it's a great subscription.
00:19:12.319 --> 00:19:14.480
And now ChatGPT Go comes in.
00:19:14.640 --> 00:19:23.440
A lot of people likely are subscribed to ChatGPT already, but they might have not been subscribed to to Perplexity, and it's kind of sad for them.
00:19:23.680 --> 00:19:40.000
Also, what I absolutely dislike about this is the fact that when when you start with ChatGPT Go, I've tried it actually on my standard plan because standard users plus users they get three months for free, and then premium users, I believe, six months, metal users and ultra users 12 months.
00:19:40.160 --> 00:19:42.960
As soon as I wanted to sign up, I was prompted to add my credit card.
00:19:43.039 --> 00:19:44.240
And I thought, why why?
00:19:44.400 --> 00:19:45.119
Why would I do that?
00:19:45.200 --> 00:19:48.000
I thought this was a benefit that came with the with the plan.
00:19:48.160 --> 00:19:49.920
Why would I add my credit card?
00:19:50.160 --> 00:19:52.400
And it's because this is a trial.
00:19:52.559 --> 00:19:53.279
This is a trial.
00:19:53.359 --> 00:20:01.519
This was a three-month, this is a three-month trial on the standard plan and plus plan, and a 12-month plan trial on the metal and ultra plan.
00:20:01.920 --> 00:20:04.000
This converts to a paying subscription afterwards.
00:20:04.319 --> 00:20:05.920
You basically clicked on an affiliate link.
00:20:06.079 --> 00:20:06.960
It's an affiliate link.
00:20:07.279 --> 00:20:08.880
Yeah, exactly right, Johnny.
00:20:08.960 --> 00:20:09.599
This is a try.
00:20:09.839 --> 00:20:11.440
And you're offering a try.
00:20:12.079 --> 00:20:17.119
Jan said something uh at the beginning about how Revolute were offering this as an upgrade.
00:20:17.279 --> 00:20:23.200
Um, now it's important to note that in their tweet originally they didn't say it was an upgrade directly, but here's what they said.
00:20:23.519 --> 00:20:24.240
Sounded like it.
00:20:24.640 --> 00:20:24.960
Exactly.
00:20:25.039 --> 00:20:29.359
That's why I want to say this for audio listeners, and we'll put the tweet up for people that are watching on YouTube.
00:20:29.759 --> 00:20:31.599
We are delivering this is what Revolute wrote.
00:20:31.759 --> 00:20:38.640
We are delivering a subscription used by almost one billion people weekly directly to our customers at no extra cost.
00:20:38.799 --> 00:20:46.640
At no extra cost is doing a lot of work here because it is them suggesting that we're giving you this, but don't worry, we're not gonna charge you any more for it.
00:20:47.279 --> 00:20:48.960
That's just how generous.
00:20:49.599 --> 00:20:50.880
Generous we're being.
00:20:51.200 --> 00:20:51.680
Wow.
00:20:51.920 --> 00:20:53.279
So did you go ahead with it?
00:20:53.359 --> 00:20:54.880
Did you put your credit card details in?
00:20:55.039 --> 00:20:56.079
No, I didn't actually.
00:20:56.160 --> 00:20:56.400
I didn't.
00:20:56.640 --> 00:20:58.640
But that was not because I I didn't want to.
00:20:58.720 --> 00:21:09.839
I actually was interested in trying this just to see what the what the rest of the sign-up flow was, but I didn't do that because just yeah, wasn't interested in in another subscription I could potentially forget and then being charged for it.
00:21:09.920 --> 00:21:13.920
Plus, I'm subscribed to Claude, very satisfied, and also subscribe to ChatGPT.
00:21:14.079 --> 00:21:16.319
Um, what's their$20 tier called?
00:21:16.559 --> 00:21:21.759
I forgot already, but the$20 tier, very satisfied, and that's better than ChatGPT Go.
00:21:21.920 --> 00:21:28.000
So I there was no reason for me to change to ChatGPT Go and uh sign up as a paid subscription for that.
00:21:28.160 --> 00:21:30.079
No need, no need, absolutely no need.
00:21:30.160 --> 00:21:31.440
So I didn't do it.
00:21:31.920 --> 00:21:33.200
Yeah, well, I can't blame you.
00:21:33.279 --> 00:21:35.200
I imagine a lot of people won't be doing it as well.
00:21:35.279 --> 00:21:39.119
I can't really see why people would be drawn to grab that opportunity.
00:21:39.279 --> 00:21:45.440
I mean, it's quite clearly uh a uh funnel into paying for chat GPT later down the road.
00:21:45.599 --> 00:21:50.720
Interestingly, when you go on the website, it still says, at least on the UK website, it still says Perplexity Pro.
00:21:50.960 --> 00:21:53.039
Yeah, it's right there instead of Chat GPT.
00:21:53.440 --> 00:21:55.200
So is it not yet available?
00:21:55.359 --> 00:21:58.000
Has this not yet been rolled out in the UK?
00:21:58.240 --> 00:22:01.519
I think September, that's when when It would replace perplexity.
00:22:01.599 --> 00:22:02.960
That's my understanding.
00:22:03.200 --> 00:22:09.920
I'd be just curious what's what's gonna happen if you sign up now and then claim this perplexity benefit.
00:22:10.079 --> 00:22:12.880
Do you still get it for a whole year or you you're not gonna get it?
00:22:12.960 --> 00:22:14.319
Or how is that gonna work?
00:22:14.400 --> 00:22:15.200
I'd be curious.
00:22:15.279 --> 00:22:20.000
Um, if anyone has tried that, please write it into the comments, let us know, enlighten us what happened.
00:22:20.240 --> 00:22:20.960
That's a good question.
00:22:21.039 --> 00:22:25.759
There might be something on some terms and conditions somewhere about that, but that is also a good question.
00:22:25.920 --> 00:22:35.119
I imagine the subscription continues because ultimately these are all it doesn't matter if it's Chat GPT or Go or Perplexity Pro, they are still funnels.
00:22:35.279 --> 00:22:42.960
It's still essentially sharing your data, Revolution are sharing their user data with these companies and saying, here, try and market to these people, you can try and sell them.
00:22:43.119 --> 00:22:48.799
I imagine, yeah, you still get your 12-month Perplexity Pro subscription because it's advantageous to Perplexity Pro.
00:22:49.119 --> 00:22:52.640
Because once that ends, they'll try and upsell you on the next year.
00:22:52.799 --> 00:22:56.799
Um, which I think is what you need to remember with all of these subscriptions.
00:22:57.039 --> 00:23:04.640
You know, you are just a uh porn in a larger data funnel, product funnel.
00:23:04.720 --> 00:23:06.240
That's essentially what it is.
00:23:06.480 --> 00:23:09.359
Um it's a sad fact of reality.
00:23:09.680 --> 00:23:14.559
But subscriptions keep growing, revenue keep growing, profit for revolution, and they will continue.
00:23:14.799 --> 00:23:18.000
They will continue to introduce more subscriptions as well.
00:23:18.240 --> 00:23:19.599
Have no doubt about it.
00:23:19.759 --> 00:23:24.000
I don't believe for a second that we'll see less subscriptions, we'll see them change.
00:23:24.240 --> 00:23:30.880
AI subscriptions will change, possibly the car rental, the VPN may change, and we may see new ones in the future.
00:23:31.039 --> 00:23:50.160
But I'm pretty certain what we're gonna see more of, and we've seen this with American Express and Platinum, is this coupon book era, so to speak, where rather than giving you something that you can directly activate and start using, they'll give you credits for something that you have to jo you have to go and seek out and redeem.
00:23:50.640 --> 00:23:56.240
For example, the credits that you get with what's the uh AI builder uh lovable?
00:23:56.559 --> 00:23:58.559
Is it lovable or is that the menstrual cycle?
00:23:58.799 --> 00:24:00.079
Is that the menstrual cycle one?
00:24:00.559 --> 00:24:01.839
That's the AI builder.
00:24:02.880 --> 00:24:03.359
Sorry.
00:24:03.599 --> 00:24:06.960
You know, that's that's one of those subscriptions where like it's very niche.
00:24:07.839 --> 00:24:08.720
Yeah, I think so.
00:24:08.960 --> 00:24:16.559
It's one of those subscriptions whereby like a lot of people can make use of it, but even more people can't, I imagine.
00:24:16.720 --> 00:24:19.519
And you've got to really seek out to redeem those credits.
00:24:19.680 --> 00:24:20.640
They don't roll over.
00:24:20.799 --> 00:24:23.759
Oh no, I shouldn't say they don't roll over, they do roll over.
00:24:23.920 --> 00:24:25.680
Correct me if I'm wrong, they roll over.
00:24:25.759 --> 00:24:30.640
I think you get three months of rollover with that subscription and then they expire.
00:24:30.799 --> 00:24:32.960
Um, that's definitely worth confirming quickly.
00:24:33.039 --> 00:24:35.519
But my point is with Lovable, I think.
00:24:35.599 --> 00:24:36.240
I think they don't have a lot of people.
00:24:36.319 --> 00:24:40.720
Oh Johnny, Johnny, lovable gives you a hundred credits per year, okay?
00:24:40.960 --> 00:24:41.680
Per year.
00:24:41.839 --> 00:24:46.240
Okay, there's no plan on the lovable website that gives you a hundred credits per year.
00:24:46.319 --> 00:24:47.200
I still have that in my mind.
00:24:47.279 --> 00:24:49.359
I was I was furious when I read that.
00:24:49.519 --> 00:24:52.240
So this is a very this is like a light try.
00:24:52.480 --> 00:24:53.200
A light try.
00:24:53.279 --> 00:24:56.240
So you get a one-year subscription, but only a hundred credits?
00:24:56.480 --> 00:24:57.519
Ridiculous.
00:24:57.839 --> 00:24:59.119
You can't make use of that.
00:24:59.279 --> 00:25:05.519
You'll burn through these credits in one session, and then you'll think, oh, how how can I modify the product if I don't have any credits anymore?
00:25:05.680 --> 00:25:06.720
Well, guess, guess what?
00:25:06.880 --> 00:25:09.680
You have to um you have to upgrade, you have to recharge, you have to buy more.
00:25:10.000 --> 00:25:10.480
More tokens.
00:25:10.880 --> 00:25:11.599
Exactly.
00:25:11.759 --> 00:25:14.559
So this is the a very, very clear try.
00:25:14.880 --> 00:25:17.119
I did get it confused with laundry heat, which is the same thing.
00:25:17.279 --> 00:25:18.240
Yeah, laundry heat.
00:25:18.319 --> 00:25:19.279
That rolls over.
00:25:19.680 --> 00:25:24.960
And this is what we mean about revolut changing and arguably for the worse, arguably not.
00:25:25.039 --> 00:25:28.720
I'm sure some people can get in the comments and tell us that they really like using Revolut.
00:25:28.960 --> 00:25:32.079
And I still like using aspects of Revolut as well, personally.
00:25:32.240 --> 00:25:35.359
I think that's the power of Revolut, isn't it?
00:25:35.440 --> 00:25:41.279
That they can arguably diminish a product but still hold control of the market and be the big player.
00:25:41.440 --> 00:25:43.599
You know, this is what we mean by Revolut is changing.
00:25:43.680 --> 00:26:00.400
Things are deteriorating, and what we can expect to see in the future probably won't be that favorable or that generous as they chase as much profit, monetization, as much revenue as possible, because uh on the on their backs are massive investors.
00:26:01.039 --> 00:26:07.440
Companies with billions and billions of dollars on the line that need revolution to succeed.
00:26:08.079 --> 00:26:13.440
And in order to succeed, they need their costs to come down and the money they generate to go up.
00:26:13.680 --> 00:26:15.119
It's it's frightening, Jan.
00:26:15.279 --> 00:26:23.200
Um it's funny, isn't it, how Jan, the the tide has changed to some degree with Revolu, I think.
00:26:25.359 --> 00:26:29.440
Like if you're listening or watching this, what is your perception of Revolut at this point?
00:26:30.480 --> 00:26:32.000
I'd love to hear from you.
00:26:32.880 --> 00:26:35.279
My view has shifted.
00:26:35.759 --> 00:26:36.880
I think Jan would agree.
00:26:37.039 --> 00:26:44.720
I mean, me and me and you, weren't we talking about Revolut as if they were like the the next Jesus, the second coming of Jesus?
00:26:45.039 --> 00:27:00.480
Do you remember like 2022, 2023, the amount of times we probably had conversations about how good Revolute were, and particularly from a fees perspective, and now we are battling with the idea that they are becoming almost like the you know, the devil, the bad person.
00:27:01.039 --> 00:27:06.160
I just had in my mind Nicholas Sturonsky next to Jesus, and I was wondering if they look any similar.
00:27:06.319 --> 00:27:08.319
Um but I think they don't actually.
00:27:08.400 --> 00:27:14.720
Uh the hair hair would need to grow a little bit longer, might have to become a little bit darker in order to uh to see similarity.
00:27:14.799 --> 00:27:16.960
But uh yeah, that's just that's just me, Johnny.
00:27:21.920 --> 00:27:22.319
Yeah.
00:27:22.559 --> 00:27:23.440
That's harsh.
00:27:23.680 --> 00:27:26.880
Well, that's uh I mean that's that's a transition that makes sense.
00:27:26.960 --> 00:27:27.839
Is it all negative?
00:27:27.920 --> 00:27:31.279
It's probably not all negative, but I'm wondering, Johnny.
00:27:31.759 --> 00:27:34.319
We we we see it on the on the paper here, right?
00:27:34.400 --> 00:27:48.240
We we know for a fact that Nikolas Doronski has a an additional stock package that's being triggered at 200 billion dollars of valuation that would basically bottom 40 40% of the company in total.
00:27:48.480 --> 00:27:53.680
In order to reach these huge valuations, what do they need to do?
00:27:53.920 --> 00:28:03.440
You know, and and and for sure the product has to become a little bit worse in order to achieve that because the profit needs to rise, the margin needs to rise ideally at the same time.
00:28:03.599 --> 00:28:17.519
They're in high in a hypergrowth phase and they need to continue that for the next few years, else the you know the the story's over, the bubble will burst, the the thing will will will yeah be evaluated as a bank and not as a what is it even?
00:28:17.599 --> 00:28:18.960
Is it a subscription company?
00:28:19.039 --> 00:28:19.599
I don't know.
00:28:19.759 --> 00:28:22.720
Is it uh tech tech tech bank?
00:28:22.880 --> 00:28:25.519
Bank like if it oh I know fintech.
00:28:26.319 --> 00:28:30.319
Um I don't know, I don't know, I don't know if it's a fintech anymore though.
00:28:31.119 --> 00:28:31.599
What is it?
00:28:31.680 --> 00:28:32.400
Yeah, good question.
00:28:32.480 --> 00:28:32.799
What is it?
00:28:32.880 --> 00:28:35.440
I'd be curious what everyone listening thinks about this.
00:28:35.599 --> 00:28:38.400
Write into the comments, let us know what you think Revolute is.
00:28:38.559 --> 00:28:39.599
I'm not sure anymore.
00:28:39.680 --> 00:28:43.440
I don't think there's any any term in the world that can describe this.
00:28:43.759 --> 00:28:52.559
It's a thing, it does what it does, it's growing fast, and it's aiming to reach 200 billion dollars of valuation, ideally, pretty soon.
00:28:52.640 --> 00:28:56.720
So Sturonsky gets his stake, can buy another mega yacht.
00:28:57.200 --> 00:28:58.720
Without paying the broker.
00:28:58.960 --> 00:29:04.880
If anyone's not familiar with that story, Sturonsky recently basically shafted the broker of a yacht deal.
00:29:04.960 --> 00:29:06.960
Uh he went straight to the the seller.
00:29:07.200 --> 00:29:16.720
He I think he went out there yan looking to buy a yacht, spoke to a broker who recommended one, found him one, and then instead of buying through the broker, he went straight to the the dealer.
00:29:17.119 --> 00:29:18.799
We don't know the details, Johnny, of this.
00:29:18.880 --> 00:29:25.279
If this was could have been all all legit, but news news were reporting on it, and that's when we became aware of it.
00:29:25.519 --> 00:29:28.480
That prop that maybe that tells you something about the man behind Revolut.
00:29:28.720 --> 00:29:30.799
You know, he's shrewd, isn't he?
00:29:30.960 --> 00:29:44.640
He's very shrewd, he's very driven, and he is the driving force behind Revolute changing what is arguably for the worst in the you know, this desperate chase for maximum value for shareholders.
00:29:44.960 --> 00:29:50.319
In the coming future, Revolute will change dramatically, things will happen, and be prepared for that.
00:29:50.480 --> 00:30:06.559
The bet the best thing you can do is before signing up for any of these subscription tiers, don't go into it looking for just one product because that one product is fickle and it could disappear in a moment, and you may have to pay a break fee to get out of that contract.
00:30:06.799 --> 00:30:20.400
So if you're interested in ultra, if you're interested in metal, try at least to pin your usage or your interest on a couple of other products that are benefits or features that are available, not just We Work, for example.
00:30:20.799 --> 00:30:21.359
Very well said.
00:30:21.759 --> 00:30:22.640
Okay, everybody.
00:30:22.720 --> 00:30:24.400
Uh, we'd love to hear your thoughts.
00:30:24.640 --> 00:30:29.359
Get in the comments, and if you want to take the conversation further, come over to the Discord.
00:30:29.440 --> 00:30:31.359
I'll put a QR code up on the screen right now.
00:30:31.519 --> 00:30:33.759
Links in the description box or the show notes.
00:30:33.920 --> 00:30:36.240
Come join the server, become a founding member.
00:30:36.400 --> 00:30:38.559
We've got over a hundred members now, it's growing.
00:30:38.640 --> 00:30:39.519
The community's cool.
00:30:39.599 --> 00:30:48.079
People are talking about a lot of stuff from Revolute to Monzo to printers to cards to taxes to mobile contracts.
00:30:48.319 --> 00:30:49.599
It's a great place to learn.
00:30:49.680 --> 00:30:59.759
And if you want to support the show and you're watching on YouTube, like the video, subscribe to the channel, and if you're listening to this, Apple, Spotify, however you get your podcast, do consider giving us five stars.
00:30:59.920 --> 00:31:00.799
That's it.
00:31:00.880 --> 00:31:02.799
I'm not very good at wrapping these shows up, Jan.
00:31:02.880 --> 00:31:04.400
Have you got anything else to add?
00:31:05.039 --> 00:31:05.680
Done.
00:31:05.920 --> 00:31:06.240
Done.
00:31:06.480 --> 00:31:07.440
Goodbye, everyone.
00:31:07.680 --> 00:31:08.000
Done.
00:31:08.160 --> 00:31:08.720
Goodbye.
00:31:08.880 --> 00:31:09.759
Take care.
00:31:10.000 --> 00:31:10.799
It's been a pleasure.
