Australian ADI Market Share and global marketing teardown of Revolut

1. February 2020

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4. $920,000
$930,000
$940,000
$950,000
$960,000
$970,000
$980,000
$990,000
$1,000,000
0%
5%
10%
15%
20%
25%
30%
Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20
Millions
$-
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20
Millions
TotalDeposits
$820,000
$840,000
$860,000
$880,000
$900,000
$920,000
$940,000
$960,000
$980,000
$1,000,000
$24,000
$25,000
$26,000
$27,000
$28,000
$29,000
$30,000
$31,000
Feb/18
Mar/18
Apr/18
May/18
Jun/18
Jul/18
Aug/18
Sep/18
Oct/18
Nov/18
Dec/18
Jan/19
Feb/19
Mar/19
Apr/19
May/19
Jun/19
Jul/19
Aug/19
Sep/19
Oct/19
Nov/19
Dec/19
Jan/20
Millions
Millions
MarketDeposits
BendigoDeposits
Source: APRA Monthly ADI Statistics
• Interesting to see deposits holding flat over the holiday period, with little
changing in total market share
• Xinja’s big splurge on their savings account mid-Jan resulting in a decent
spike in balances
• Will wait and see if Volt follow suit and buy balances as well. It’s the Milk
Wars of the banking world!
• Bendigo continues to grow strong compared to market, growing at 11.6%
since the launch of up versus 7.6%

5. $1,680,000
$1,690,000
$1,700,000
$1,710,000
$1,720,000
$1,730,000
$1,740,000
$1,750,000
$1,760,000
0%
5%
10%
15%
20%
25%
30%
Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20
MillionsTotalLoans
$-
$10
$20
$30
$40
$50
$60
$70
$80
Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Dec-20
Millions
Source: APRA Monthly ADI Statistics
• We are seeing the big 4 (sans CBA) being impacted on their lending books more
than deposits
• Given the start of the markets, it will be interesting to see if we see the same
rush back to the security of the big 4 that we saw during the GFC
• Strong market growth as well, but again, will be interesting to see if lending
catch the Coronavirus
• Judo taking off like a rocket while Numbers eases into their role as a lender
• Volt and (particularly) Xinja are all about deposits… for now we hope

6. $35,500
$36,000
$36,500
$37,000
$37,500
$38,000
$38,500
$39,000
$39,500
$40,000
$40,500
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20
Millions
$82,000
$84,000
$86,000
$88,000
$90,000
$92,000
$94,000
$96,000
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20
Millions
• Really disappointed (for the industry… not consumers) with the sharp
decline in balances in Jan
• The market should have been hoping to retain some from the peak
spending period
• Credit Cards were on the decline prior to BNPL with more people opting for
debit, but BNPL has put a fire under it
• Have added in “other” personal lending (largely Personal Loans) to see if
the banks were doing a better job of maintaining outstanding balances
there. Or better yet, Credit Card balances were being shifted to fixed term
debt.
• But no.
Source: APRA Monthly ADI Statistics

7. $550,000
$555,000
$560,000
$565,000
$570,000
$575,000
$580,000
$585,000
$590,000
$595,000
$600,000
0%
5%
10%
15%
20%
25%
Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20
Millions
$745,000
$750,000
$755,000
$760,000
$765,000
$770,000
$775,000
$780,000
$785,000
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Dec-20
Millions
$-
$200
$400
$600
$800
$1,000
$1,200
$0
$10
$20
$30
$40
$50
$60
$70
$80
Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20
Millions
Millions
Tyro Payments Limited (deposits) Judo Bank Pty Ltd (deposits)
Tyro Payments Limited (lending) Judo Bank Pty Ltd (lending)
Source: APRA Monthly ADI Statistics
• Trying to Commercial Deposits and Lending interesting but failing
• The Tyro vs. Judo battle is much more interesting though, with a decline in
deposit balances from Judo
• Judo’s lending growth is still very strong and sitting at 0.13% market share

9. Source: Google; SEMRush
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
0
500
1,000
1,500
2,000
2,500
Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20
Thousands
Thousands
Direct Referral Search Social Paid Total Visits
Desktop Mobile Branded Non-Branded
Visits 3.3m
Unique Visitors 2.3m
Pages per Visit 2.46
Avg. Visit Duration 6:24
Bounce Rate 57.15%

10. 0
50,000
100,000
150,000
200,000
250,000
Facebook Twitter Instagram YouTube
0
2
4
6
8
10
12
Facebook Twitter Instagram Youtube
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Facebook Twitter Instagram YouTube
0
5,000
10,000
15,000
20,000
25,000
30,000
Facebook Twitter Instagram YouTube Reddit
Likely Ads are
driving this
traffic
Source: Google; SEMRush

12. 0
5
10
15
20
25
30
35
40
45
Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20
Thousands
Direct Referral Search Social Paid
0
10
20
30
40
50
60
70
Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20
Thousands
Desktop Mobile Branded Non-Branded
Up 17.34%
86400 4.13%
Judo 0%
Xinja 0%
Crypto.com 0%
Volt 0%
Source: Google; SEMRush

13. Male Female 18-24 25-34 35-44
45-54 55-64 65+
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20
• revolut
• revolut australia
• revolut card
• revolut bank
• revolut uk
• revolut card australia
• revolut referral link
• revolut crypto
• revolut press
• revolut monthly limit
• revolut
• revolut australia
• revolut card
• revolut bank
• revolut uk
• revolut monthly limit
• revolut nfc pay android
• free bank account ireland
• revolut free card
• revolute pair
Source: Google; SEMRush

14. Probably because they don’t have an AFSL and
therefore can’t issue new cards Jackie.
Still could use the platforms to grow the waitlist

16. 0
100
200
300
400
500
600
700
Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20
Thousands
0
50
100
150
200
250
300
350
400
Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20
Thousands
Direct Referral Search Social Paid
Desktop Mobile Branded Non-Branded
Monzo 11.07%
Starling 9.53%
Monese 2.25%
N26 2.89%
Crypto.com 0.26%
Atom Bank 0.37%
Source: Google; SEMRush

17. 0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20
• revolut
• revolut card
• revolut business
• revolut bank
• revolut metal card
• revolut apple pay
• revolut careers
• revolut card uk
• revolut metal
• revolut business account
• revolut
• n26
• revolut card
• monese
• revolut business
• revolut business
• revolut bank
• n26
• n26 card
• online bank account
Male Female 18-24 25-34 35-44
45-54 55-64 65+
Source: Google; SEMRush

18. Source: Google; SEMRush

19. • A lot of investment in Facebook & Instagram
• 65 Ads/24 Creatives
• All bottom of the funnel App Install
• All appear to be using Dynamic Creatives, allowing
Facebooks hefty ML algorithm to do the heavy lifting
• As a result, creatives are either Video or Static
Source: Facebook

21. 0
1,000
2,000
3,000
4,000
5,000
6,000
Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20
Thousands
0
20
40
60
80
100
120
140
Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20
Thousands
Direct Referral Search Social Paid
Desktop Mobile Branded Non-Branded
Monzo 8.65%
Green Dot 6.18%
N26 6.18%
Netspend 1.18%
Chime 0.63%
Crypto.com 0%
Source: Google; SEMRush

22. 0
500
1,000
1,500
2,000
2,500
3,000
Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20
• revolut
• revolut card
• revolut usa
• revolut bank
• revolut careers
• revolut uk
• revolut app
• revolut business
• revolut apple pay
• revolut ltd
• revolut
• create a revolut account
• revolut bank malta
• irish business bank account
• revolut uk business
• revolut suisse
• business banking ireland
• revolut portugal
• uk business bank account for non
residents
• business banking uk
Male Female 18-24 25-34 35-44
45-54 55-64 65+
Source: Google; SEMRush

23. Personal Referral
Landing Page
Source: Google; SEMRush