One of the world’s major FINTECH startups Revolut founded by Russian Nikolay Storonskiy have caught on to the deception in advertising in the UK on billboards, the company has beaten the statistics of the spending of its users, although in reality they did not have access to such data.
Read more. One of the banners on the London underground Revolut reported that 11 867 users Revolut bought a roll with vegan sausage. On the other — that on Valentine’s day, thousands of his clients ordered delivery food for one. But advertising attracted the attention of the Committee for advertising standards in the UK (ASA), who filed a complaint to the office of financial regulation and supervision (FCA).
- What the numbers on the shields fake, it was obvious from the beginning. By law, FINTECH-startup, like other payment systems and banks, has access to information about what the user has spent using his money, and knows just the place and the amount of the purchase.
- In conversation with Financial Times representative Revolut acknowledged that the company just invented the numbers. He also agreed that the banner was not clearly marked that it’s fictional examples. “This is true. It was necessary to add a line about what is fiction”, — said the representative of the startup.
- What sanctions the government can impose on Revolut, is still unknown. Usually for the introduction of consumer confusion by advertising relies fine.
Context. Revolut is one of the most fashionable in the world of FINTECH-startups. It is a service with which you can open an account virtually anywhere in the world and to change currency at the exchange rate. The company was founded by immigrants from Russia Nicholas Starinskim and Vlad Yatsenko. During the last investment round Revolut received a valuation of $1.7 billion, the number of users exceeds 2 million people. The service works on the American and European markets, and the launch in Russia planned for 2019.