A bank that lets you open accounts in a matter of minutes without background checks or personal ID. What could possibly go wrong.
Surely you have to run the "Verify my identity" process before using the account?
Let me set the record straight
11–20 of 30 posts
Re: Let me set the record straight
#12"Revolut insiders reveal the human cost of a fintech unicorn's wild rise" https://www.wired.co.uk/article/revolut-trade-unions-labour-... CEO Nikolay Storonsky gave an interview to Business Insider where he said Revolut’s philosophy was to “get shit done”, a slogan that is emblazoned on the company's London office walls in bright neon lights. In an echo to what was going on in these calls, Storonsky would go on to sa…
> Revolut's "home task" required applicants for various positions to recruit new app users. "200 or more sign-ups would be a very strong indication that you’d go into the next round of
interview", the document read
Oh gross.
Re: Let me set the record straight
#13Re: Let me set the record straight
#14A bank that lets you open accounts in a matter of minutes without background checks or personal ID. What could possibly go wrong.
Is that weird? I’ve opened savings accounts from traditional banks that way
They get ID sufficient to prove the identify of the person opening the account and for banks to report suspicious deposits. Every account I've opened in the last two decades has scanned or made a copy of my ID and required my social security number. The US is my only experience with opening bank accounts though. I'm pretty sure it is required to provide ID to open a traditional bank account.
Re: Let me set the record straight
#15Earlier quoted context omitted.
Is that weird? I’ve opened savings accounts from traditional banks that way
They get ID sufficient to prove the identify of the person opening the account and for banks to report suspicious deposits. Every account I've opened in the last two decades has scanned or made a copy of my ID and required my social security number. The US is my only experience with opening bank accounts though. I'm pretty sure it is required to provide ID to open a traditional bank account.
I’ve definitely opened several US bank accounts without visiting in person or sending a scan of my ID. They do attempt to verify your identity through other means, like asking about stuff from your credit report.
Re: Let me set the record straight
#16A bank that lets you open accounts in a matter of minutes without background checks or personal ID. What could possibly go wrong.
Is that weird? I’ve opened savings accounts from traditional banks that way
if you provided them information like name/birthdate/address, it's possible that they verified your identity with the credit reporting agencies.
Re: Let me set the record straight
#17Top comment on the blog post : “I hope your KPI isn't tied to effectively running the company because I'd say your performance rating is "significantly below expectations" and we both know what that means.“ Let’s see if the PR damage people delete it. VCs should observe this kind of behavior as a serious risk to company morale and productivity. In the modern age of social activists, we really can’t have another Larry…
I find Monzo to be a great counter example to this. They've a great, employee supportive culture and are very open and transparent around it. They've great PR and said culture seems to be a major part of why.
Disclaimer: I invested a small amount in their last crowdfunding round
Re: Let me set the record straight
#18A bank that lets you open accounts in a matter of minutes without background checks or personal ID. What could possibly go wrong.
Surely you have to run the "Verify my identity" process before using the account?
As far as I remember, but I signed up a few years ago, I had to got through video chat and show my id (moving it into the light to make the security features shine, etc) there.
I'm not sure how efficient it is, but it's not as bad as your parent implies. It was about the same procedure as for N26. Orange Bank on the other hand just asks for scans.
Re: Let me set the record straight
#19Top comment on the blog post : “I hope your KPI isn't tied to effectively running the company because I'd say your performance rating is "significantly below expectations" and we both know what that means.“ Let’s see if the PR damage people delete it. VCs should observe this kind of behavior as a serious risk to company morale and productivity. In the modern age of social activists, we really can’t have another Larry…
> your company’s most important asset are the people
Leaders who recognize this have a significant long-term advantage. Your people basically represent the marginal value of your business.
Re: Let me set the record straight
#20I don't know anything about what happened, but something doesn't add up. Why would a CFO of a successful company resign just because he doesn't have global banking experience? Sounds like BS.
Large organizations generally provide people at the C-level options to tender their resignation rather than hitting the news with supposed firing (or letting go). Firing connotes a lot of negativity as well as from a public relations perspective, they want to ensure that this process would generate the least amount of noise.