With over 2 million accounts and 10.000 new accounts every day Revolut services clients in Europe. In 2 minutes you can “KYC (know your customer)” make a consumer account and in 5 minutes you can make an one for business – all on your mobile and under 5 minutes. This is 10 times cheaper and 10 times easier than with banks. Amazing! CEO Nikolay Storonksy used to trade for Lehman Brothers and explains why Morgen Stanley en Swiss banks are so slow. He is profitable but raised $160 million to go global. Should banks be afraid? Yes says Storonksy! He thinks there will only be 3 Fintech banks and all others will fade away. I interviewed him at Money 20/20.