— How do you intend to grow in such a saturated market as the UK?
— In the UK, we will be relying more on classic promotion techniques. At Monobank, we refrained until recently from engaging an advertising agency to design a serious campaign. The story of Monobank is about the founders' social networks, word of mouth, a capability to generate the right atmosphere around the product. In the UK, clients are not easily amazed, therefore we have been cooperating with an advertising agency right from the start. This is Fedoriv Marketing Agency. They have approached this case in a highly creative manner, because it is a first foray into the UK market for them. I guess, the classic approach will prevail here, with an online advertising campaign, outdoor, context advertising, CPA networks. The market is huge and well-established. Classic advertising would be sufficient to initiate sales, but afterwards, I believe, we will also be employing non-classic promotion techniques. Naturally, classic techniques will also mean much higher promotion expenses. A UK client will cost several times more than a Ukrainian one.
The market is well saturated over there, but we occupy a fairly clear-cut niche. We want to offer a loan product and we hold the relevant license. Revolut, for its part, does not have such license. Of course, life will bring about adjustments in terms of a price per client. We do not have any definite idea of the amount of costs per client facing us in the UK. We nevertheless expect that this venture will be profitable. Time will show whether we succeed or not. In Ukraine, our objective was to develop a convenient banking application. In Great Britain, this is not enough. But once you say that you can also provide loans, this addresses the client's specific headaches immediately. In Ukraine, we mostly resolve an aesthetic problem, whereas here – a practical one. We want to be a financial assistant.