Fintech firm Revolut is planning to monetise its customer data by sharing it with advertising partners to raise additional funding avenues as it waits for its UK banking licence.
Based out of London, the online-only banking service is aiming to derive a solid piece of its future revenue from targeted advertising sales to clients and partners, leveraging its highly-valuable user data.
Mirroring similar moves made by JP Morgan earlier this month, Revolut has now enlisted the services of TikTok UK former head of ecommerce partnerships, Inam Mahmood to lead a team of 30 for its new dedicated media team.
“We could become a media [business] . . . a place where you have an audience and data about the audience and you monetise this,” Revolut head of growth Antoine Le Noel said.
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“We know how [users] navigate inside the app, we know some of their interests that they have because they’ve clicked on this and that,” the fintech executive added.”
According to the Financial Times, a company insider has revealed that the firm intends to derive £300 million of its revenue from advertising by 2026, but has declined to comment on this target.
Speaking to the FT, fintech consultant Rupak Ghose added: “To monetise ancillary revenue streams like Amazon.com did with advertising you would need real deep daily customer engagement. Despite all the noise from tech investors, a superapp strategy in banking has rarely worked, with the exception of China.”
