CITY WHISPERS: Revolut Promises Customers ‘Clear View’ of Their Money: Why Not Practice What They Preach?
By Calum Muirhead
Updated: 13:20 BST, 15 October 2023
Financial ‘super app’ Revolut is making waves with the launch of an updated version of its software. According to Ivan Chalov, the firm’s head of retail, the Revolut 10 update is designed to encourage customers to make it their main account by providing them with a clear view of their money all in one place. However, it’s ironic that Revolut 10 wasn’t available when the company was preparing its most recent figures as it admitted it couldn’t determine the exact sources of some of its revenues. It seems like a clearer view of their finances is still needed.
In fact, the group has even requested an extension to the deadline for filing its annual accounts on Companies House, following a delay in the release of its last set of results. Furthermore, Revolut is still awaiting a UK banking license, which was said to be imminent by then-finance boss Mikko Salovaaro on March 1. It has now been 228 days and counting since those comments were made, which raises questions about the company’s super app status.
In other news, cannabinoid company Cellular Goods, backed by David Beckham’s investment group DB Ventures, is expanding its operations into farming kelp. This decision seems like a departure for a company that was originally focused on cannabinoid products, but perhaps Victoria Beckham’s love for seafood and her reported use of seaweed to stay slim played a role in the decision. Maybe Victoria will become Briny Spice after all.
Meanwhile, the Pensions and Lifetime Savings Association’s annual gathering is taking place in Manchester this week, featuring notable speakers such as economist Noreena Hertz, social historian Dominic Sandbrook, and City Minister Andrew Griffith. Interestingly, there seems to be no scheduled time to discuss the fact that members have lost a staggering £626 billion (a third of scheme assets) in just over a year. It’s like having an elephant in the room that no one wants to acknowledge.
Lastly, executives at AIM-listed Capital Metals couldn’t hide their satisfaction when a troublesome environment minister in Sri Lanka was removed from his position. Naseer Ahamad, who had been involved in a legal dispute over the cancellation of the firm’s mining licenses, was expelled from parliament. Capital Metals celebrated this development as positive and accused Ahamad of illegal interference. The board’s spirits were lifted even more when the company’s share price tripled after the announcement.
Contributors: Patrick Tooher, Francesca Washtell
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