From Google to Revolut: Mariia Lukash on Driving Digital Banking Growth in CEE

Today, I had the pleasure of sitting down with Mariia Lukash, Revolut’s Head of Growth for CEE - a true powerhouse in fintech with over six years of experience in digital strategy and growth. After an impressive five years at Google, where she managed portfolios for major global fintech clients, she now leads Revolut's expansion across the region. Our conversation was a chance to dig into her journey from Google to Revolut and explore her take on the unique challenges and immense opportunities in the CEE digital banking landscape. Thank you for joining us today!

Career and Personal Insights

You worked 5 years at Google in the fintech division. How was the switch? What motivated you to make the change?

The move from Google to Revolut was an exciting shift, as it allowed me to apply my digital strategy experience in a fast-paced, results-driven company focused on reimagining financial services. At Google, I had the privilege of working with some of the largest global fintech players, but at Revolut, I get to be part of that transformation firsthand. The direct impact of our efforts, particularly in a region with such an appetite for digital solutions, was a major draw for me.

As a triathlete, what role does sport play in your life? Does it help you manage work-related challenges?

Day at Revolut is like a transition zone at the triathlon competition - you have to move fast, but stay focused and cold-minded, know exactly what you are doing and execute with confidence.

Triathletes are very versatile, as you have to be excellent in 3 different disciplines, which also correlates to Revolut, as I have to wear different hats every day (marketing, people, communications).

Triathletes never settle, they always want to beat their Personal best time, very much the same as what we aim for at Revolut.

Market Expansion and Customer Engagement in CEE

Revolut has seen strong growth in CEE, with 4 million customers in Romania, 4 million in Poland, and 1.5 million in Hungary. What unique needs are you noticing in these markets, and how is Revolut adapting to meet them?

CEE markets are distinct in their openness to digital financial solutions. For instance, while cash usage remains prevalent, there’s also a high interest in digital convenience and control over finances. Revolut is particularly well-suited to meet these needs as we’ve designed our app to provide accessible, everyday solutions. In CEE, cost-conscious users are more likely to leverage our currency exchange and personal finance management and secure payments online, but also start to explore investing, especially in Czechia.

With over 800,000 users in Czechia, how is Prague doing in terms of the top cities chart? Is the adoption here smooth?

Prague is our top 5 city in CEE region by customer numbers. Overall adoption in Czechia has been smooth and encouraging, and we’re seeing a high level of engagement, with more and more customers starting to use Revolut as a daily financial account. In fact more than half of card payments are now made locally, suggesting we are not a travel card anymore.

An increasing number of Revolut customers are choosing paid subscriptions, with a 41% growth in paid plan adoption. What do you think is driving this shift, and how are you planning to continue enhancing the value of these subscriptions?

Customers are seeing the tangible value in the premium offerings, from higher withdrawal, currency exchange limits to more extensive insurance options and earning more loyalty RevPoints on daily spending. Premium, Metal and Ultra plans also include free access to subscriptions for leading lifestyle apps like Financial Times, Freeletics, Headspace, Sleep Cycle, NordVPN or even Tinder. We continue to expand this list and just recently added Wolt+ membership to that list. Our goal is to ensure that paid plans feel not just like an upgrade, but like an essential part of managing daily life.

Cash still holds a strong position in the CEE region, with high cash usage in Poland and Romania (per ECB reports). How does Revolut address this? Are there specific cash-relevant features, like ATM conveniences, tailored to meet these needs? Can we expect Revolut ATMs?

Indeed, cash is still prevalent in many parts of the region, which we accommodate with convenient ATM withdrawal options. We’re actively considering ways to expand cash access, including exploring the potential for Revolut ATMs. Additionally, we offer digital rewards that encourage users to benefit more from cashless transactions, making it easy for them to smoothly transition to digital.

Revolut’s recent $2.2B revenue and $544M pre-tax profit translate to about $49 per customer. From your perspective, what is the secret sauce to increased ARPU in CEE?

Revolut users in CEE, especially in our main markets like Poland, Romania, are highly engaged with the app, using it not only for basic transactions but also as a primary tool for managing their financial lives, which naturally drives up ARPU.

Product Innovations and Partnerships

With Revolut’s new POS terminals, merchants can now offer Revolut Pay, letting users pay directly from the app and earn RevPoints. How do you see this impacting user experience and merchant engagement, both at events and in day-to-day transactions?

Revolut Pay adds an extra layer of convenience for our users, allowing them to earn rewards while shopping. For merchants, Revolut Pay is a game-changer, as it’s a streamlined, cost-effective way to connect with Revolut's growing user base. This will enhance customer engagement, particularly at events and in high-traffic retail environments. We’ve just announced an extension of our partnership with Sziget Festival in Hungary for 2025, returning as their official banking and payments partner.

Revolut recently released Revolut Invest, currently piloting in Czechia, Greece, and Denmark. How was the launch, and what’s next?

The launch of Revolut Invest has been very positive, with early adopters in Czechia showing a keen interest in our new standalone investment app. In fact, for the first few days, it was even more popular in Czechia than the main Revolut app. We’ll test it in the coming months and expand further in EEA.

With Revolut’s recent partnership with Sziget in Hungary, are there plans to partner with other major festivals in the CEE region? What’s the strategy behind these partnerships?

Yes, we’re actively exploring partnerships, looking into what our customers' passion points are: sports, music, gaming and eSports and more. Sziget and similar events are an excellent way to bring the Revolut experience to life in vibrant, community-focused environments. These partnerships let users experience Revolut’s benefits in real-time.

Future Outlook and Innovation

What does innovation in banking mean to you? Are there emerging trends or technologies you’re excited to see gain wider adoption?

Innovation in banking is about enhancing accessibility, convenience, and control over personal finance. I'm excited by developments in AI and machine learning for personalised financial insights. These technologies are set to reshape the way we think about and interact with money, and Revolut is at the forefront of integrating these advancements.

For me innovation in banking is also about enhancing product offer and user experiences that are making the life of our customers easier. For example, eSIM is not a standard banking offer, but our users enjoy it.

How does your team operate in CEE? Are you mostly remote, and how often do you travel for work?

Our team enjoys the flexibility to work remotely, based mainly in Poland, Romania, Lithuania, where we also have offices available for those who need it. I travel frequently within CEE to meet with partners, engage with our users, media, and ensure that we’re closely aligned with each market’s specific needs.

Thank you for sharing your insights! Before we wrap up, is there anything exciting on the horizon for you or Revolut that we should keep an eye on?

We’re working on some exciting new features, particularly in the areas of investments, business banking. Additionally, we'll focus on localising our offerings, ensuring we tailor our services to the specific needs of each region, including Czechia. There’s a lot of innovation happening at Revolut right now, so keep an eye out.