case study revolut

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Revolut: Building the first global financial super app with Google Cloud

About Revolut

Revolut is building the world’s first truly global financial superapp to help people get more from their money. In 2015, Revolut launched in the UK offering a multi-currency card, money transfers and currency exchange. Today, more than 20 million customers around the world use dozens of Revolut’s innovative banking products to make more than 250 million transactions a month. Across personal and business accounts, Revolut helps customers improve their financial health, gives them more control, and connects people seamlessly across the world.

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Revolut used compute engine to build an infrastructure that can scale at speed with rapid, automated deployments, while maintaining stability and security., google cloud results.

• Gives flexibility to automate deployments multiple times a day with Google Compute Engine and Google Cloud APIs
• Maintains resilience with snapshots for efficiency and minimal storage space
• Helps keep sensitive projects secure with easy segregation
• Allows Revolut to easily scale up vertically and horizontally within seconds
• Keeps Revolut's infrastructure compliant with multiple certifications with the shared responsibility model

Snapshots multi-terabyte databases in minutes

Revolut gives people and businesses more control over their finances, and offers data-driven insights and personalization that empowers its customers to make smarter decisions about how they spend, save or grow their money.

"As a fast-growing startup, pace of innovation is very important for us. With Google Cloud, we could build an environment where we can have continuous delivery, releasing as much as we can as quickly as possible."

Revolut launched in 2015, offering transfers and foreign exchange faster and cheaper than legacy banks. Seven years later, more than 20 million customers in more than 35 countries around the world use Revolut to manage their finances across an ever-growing suite of powerful and easy-to-use products.

The key to scaling up sustainably was to build an infrastructure that could automate updates and maintenance as much as possible, freeing up time for its developers and engineers to perfect the product. To do that, Revolut turned to Google Cloud .

"As a fast-growing startup, pace of innovation is very important for us," says Vlad Yatsenko, CTO and Founder at Revolut. "With Google Cloud, we could build an environment where we can have continuous delivery, releasing as much as we can as quickly as possible."

Automating deployment, kick-starting innovation

When Revolut began, it worked with another provider to create the initial cloud-based solution. However, as the company quickly gathered more momentum and customers, it became clear that a change was essential to support the rapid growth. Revolut wanted to automate as many of its processes as possible, especially in terms of deployment.

After testing a range of solutions from different providers, Revolut chose Google Cloud for its new infrastructure. The company already used Google Workspace for its productivity and email platform, so becoming familiar with the new environment was easy.

"The advantage of Google Cloud for us, is that everything is very simple and intuitive," says Vlad. "Our solution integrated with the infrastructure very easily. We didn't have to reinvent the wheel."

"Incremental snapshotting is my favorite Google Compute Engine feature. With the incremental feature, only the initial snapshot is big. The subsequent snapshots are much more efficient in terms of time and storage. Instead of backups lasting up to twenty hours, we now get a snapshot in around five minutes."

Revolut built its core infrastructure with Google Compute Engine virtual machines, which gave its engineers the perfect balance of ease of use and control over its security. With Google Cloud Identity and Access Management , Revolut could easily set up highly secure, separate instances for its main infrastructure and its application. "We want to protect our infrastructure perimeter so it's very important for us to be able to deploy the application separately," says Vlad.

The company also made extensive use of Google Cloud APIs in conjunction with a third-party automation tool to achieve fully automated "infrastructure as code" provisioning and management of the platform. This allowed Revolut's engineers to speed up their deployments and easily roll back if necessary.

Google Cloud Identity and Access Management enabled Revolut to assign permissions to Google Cloud resources simply and quickly "out of the box" without compromising security.

Keeping Revolut's multi-terabyte databases highly secure is essential. In the past, Revolut invested time and resources into full backups and restoration, which were slow and costly. As part of the migration to Google Cloud, Revolut completely redesigned its backup solution around incremental disk snapshots in Compute Engine. With snapshots, Revolut could continue to backup data more securely while minimizing the resource cost.

"Incremental snapshotting is my favorite Google Compute Engine feature," says Vlad. "With the incremental feature, only the initial snapshot is big. The subsequent snapshots are much more efficient in terms of time and storage. Instead of backups lasting up to twenty hours, we now get a snapshot in around five minutes."

Stability and speed for sustainable scalability

Revolut used Google Cloud to build an infrastructure that can scale at speed without sacrificing stability, automate deployment without compromising control, and maintain the security standards that are required of a financial services company. The company's developers and engineers have found creating instances much easier with Google Compute Engine, allowing them to build multiple instances for each of the applications that make up the Revolut platform. With the auto-scaling option on the applications' clusters, the developers don't have to worry anymore about adding more resources when there is a higher demand for their services.

"With Google Cloud, we can scale our environment on demand in minutes with zero downtime. That allows us to support our fast-paced growth and is key for innovation."

"Google Cloud is more efficient for us in terms of cost and it's more stable," says Vlad. "We can have each application running multiple instances, so everything is resilient and we don't have any downtime when we deploy new instances."

As well as providing stability, Google Cloud has helped Revolut to improve the speed of its operations. That means that while its customers can enjoy a continuously smooth service, the engineers can focus on building new products and improving current ones.

"With Google Cloud, we can scale our environment on demand in minutes with zero downtime," says Vlad. "That allows us to support our fast-paced growth and is key for innovation."

Google Cloud for a global vision

Revolut operates in more than 35 countries around the world and leverages Google's extensive global network of data centers to maintain an excellent standard of service for its users, wherever they are, whilst continuing supporting the expansion to additional markets, both functionally and geographically.

"We are building a financial platform for individuals and business across the world," says Vlad. "Google can offer us infrastructure that is seamless across regions. That's a huge benefit for us in helping us to achieve our global goals."

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Revolut Company Case Study: A Fintech Success Story

Revolut Ltd is a fintech company in London, UK and one of the largest startups in Europe, offering a range of banking and payment services through a mobile app and currency cards. Their services include currency exchange, Mobile Banking, Card Payments, Money Remittance, Foreign Exchange, insurance, and more. They favour individuals, freelancers, and small and medium enterprises, and have a global presence across North America, Europe, and Asia-Pacific.

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Brief overview.

Founded – 2015 Founders – Nikolay Storonsky, Vlad Yatsenko Location – London, England, UK Former name – Revolut Operating Status – Active Operating In – Fintech Startup Legal Name – Revolut Ltd. Total Revenue – €375 Million (Wikipedia)

About Revolut Company

Revolut is available in 47 countries, including every country in the EU and EEA. The main origin of the company is in London United Kingdom. Revolut made its debut in India in April 2021, after building on previous successful launches in Singapore and Australia in 2019, as well as in the US and Japan in 2020. Revolut offers financial services designed to simplify and improve the way people manage their money like Revolut Mobile Banking, Card Payments, Money Remittance and Foreign Exchange.

Revolut Mission

Revolut company’s primary mission is to continuously simplify, enhance, and add value to all aspects of financial management, making them significantly more convenient and beneficial for everyone, every single day. To accomplish this mission, Revolut has a workforce that reflects the rich diversity of our customer base.

Revolut Success Story

• The journey of Revolut was started in 2015 by Nikolay Storonsky (CEO and Founder) and Vlad Yatsenko (CTO – Co-Founder) operating in London a fintech incubator.
• After that In 2017 Revolut launched on different platforms like Business, and Revolut Premium, and entered the cryptocurrency market, starting with Crypto Trading in EEA.
• In 2018, Revolut secured $250 million , achieving a post-funding valuation of $1.7 billion, making it unicorn. By December 2018, it obtained a Challenger bank license from the European Central Bank and an Electronic Money Institution license from the Bank of Lithuania for deposits and credits for customers.
• In 2019, Revolut introduced commission-free stock trading with the New York Stock Exchange and Nasdaq and made key hires with traditional banking experience. They made their first expansion into Australia and Singapore. In October 2019, a global partnership with Visa expanded its reach to 3500 new workforce in 24 markets.
• By February 2020, a funding round valued Revolut at £4.2 billion, making it the UK’s most valuable fintech startup . They Launched their app in the USA and Japan and read to 14.5 M users. In March, Revolut launched in the United States, followed by a debut in Japan in August. By the end of the year, the company gained profitability.
• In January 2021, Revolut applied for a UK banking license and later sought a bank charter in the US. In July, Revolut raised $800 M, resulting in a $33 bn valuation, with investments from SoftBank Group and Tiger Global Management. Revolut Company brought about £636 million in revenue in 2021 which was a huge profit for the organization.
• In January 2022, Revolut launched in 10 European countries as a bank. In March Revolut’s public stance against the Russia-Ukraine war, was accompanied by a substantial donation to the Red Cross Ukraine appeal. At that time, it had 18 million global customers and 150 million monthly transactions. In September Revolut UK, witnessed a cyberattack exposing the data of 50,000 customers, prompting regulatory action.
• In January 2023, Revolut shifted its Irish customers to an Irish branch, aiming to compete with traditional banks. Revolut Bank started offering cryptocurrencies in the UK and European Economic Area in 2023. In May the Bank of England poised to reject Revolut’s UK banking license application. By July, Revolut expanded to 30 million customers across 37 countries.
• Revolut app launches in New Zealand with over 26k Kiwis to access free foreign currency exchange ad payments.

Revenue And Profit

In 2021, Revolut experienced substantial financial growth, with revenue surging from £220 million in 2020 to £636 million. The company also achieved a remarkable turnaround in its net income, reporting £26 million in profit compared to a £223 million loss in the same year. Gross margin saw significant improvement, increasing from 33% to 70%. Revenue sources diversified, with cards and interchange contributing 23% £149 million, subscriptions 17% £107 million, and foreign exchange and wealth services representing the majority at 55% £349 million. Shortly after securing around $45.5 million in initial investments from its UK-based parent company, Revolut India announced an upcoming acquisition.

Revolut Challenges

Revolut, amid rapid growth, faced the dual challenge of enhancing user onboarding while combating fraud. The fintech company was confronted with several controversies, including delayed financial filings, EU regulatory breaches, and an aggressive workplace culture. In 2020, despite a 34% revenue increase to £222 million, Revolut posted a £208 million loss. Problems extended to Lithuania, where it holds its EU banking license, with parliamentary investigations and penalties for various issues. A flaw in its US payment system led to a $20 million loss to organized criminal groups. Despite revenue, Revolut reported a record £167 million net loss in 2021. That is affecting the customers in the United States.

Closing Thoughts

Revolut’s journey in the world of fintech touches remarkable growth and notable challenges. From its humble beginnings in London to becoming a global powerhouse in financial services, the company’s mission to simplify and enhance financial management remains at its core. Despite facing regulatory issues, workplace controversies, and financial challenges, Revolut’s commitment to innovation and customer-centric solutions continues to be the future of banking. With millions of users worldwide and a diverse range of services, Revolut UK stands as a transformative potential of fintech, always managing money more convenient and beneficial for everyone.

REFERENCES:

“ Revolut , Revolut reports first full year of profit “ “ Revolut – Story , Revolut: can the chancellor’s fintech favourite fix its image problem? “ “ Revolut onboards 12% more users “

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From pennies to millions: the remarkable crowdfunding success of revolut.

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Dublin , Ireland - 13 June 2018; Nikolay Storonsky, Founder & CEO, Revolut, on Centre Stage during ... [+] day two of MoneyConf 2018 at the RDS Arena in Dublin. (Photo By Stephen McCarthy/Sportsfile via Getty Images)

In a move that solidifies its position as Europe's most valuable start-up, Revolut, the innovative fintech company, has announced an ambitious share sale to its employees. The company plans to offer up to $500 million worth of existing shares at a staggering $45 billion valuation , a significant leap from its previous $33 billion valuation in 2021. This internal share sale, available to eligible employees who have been with the company for at least a year, comes on the heels of Revolut securing a long-awaited UK banking license and reporting impressive financial results for 2023. With 45 million customers globally and a pre-tax profit of £438 million, Revolut's latest move not only rewards its staff but also underscores the company's remarkable growth trajectory in the competitive fintech landscape.

Founded in 2015, this digital banking startup has not only disrupted the financial services industry but has also rewritten the rulebook on startup investing. At the heart of this narrative lies an extraordinary crowdfunding campaign that turned ordinary investors into potential millionaires, showcasing the power of early-stage investing and the meteoric rise of one of Europe's most valuable tech companies.

The Birth of a Fintech Giant

Revolut burst onto the scene in July 2015, co-founded by Nikolay Storonsky and Vlad Yatsenko . The company's mission was clear: to challenge the status quo of traditional banking by offering a digital-first approach to financial services. With features like multi-currency accounts, commission-free stock trading, and cryptocurrency exchange, Revolut quickly caught the attention of tech-savvy consumers and investors alike.

The Crowdfunding Gamble

Just months after its inception, Revolut made a bold move that would later be hailed as one of the most successful crowdfunding campaigns in history. In July 2016, the company partnered with Crowdcube , a leading equity crowdfunding platform, to offer retail investors a slice of the action.

The terms were enticing: up to 2.4% of the company was made available at a £40 million valuation. At this early stage, Revolut had generated a mere £120,000 in revenue for the year 2015. To many, investing might have seemed like a shot in the dark. But for 433 individuals, it was an opportunity too good to pass up.

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Revolut crowdfunding campaign, source:https://www.crowdcube.com/companies/revolut/pitches/lKQ1rb

The Numbers That Stunned the Industry

The average investment during this crowdfunding round was £2,152. At the time, it may have seemed like a significant amount to risk on an unproven startup. Fast forward to 2023, and those same shares are now estimated to be worth around £860,000, based on Revolut's latest valuation of $33 billion in 2021 and now $45 billion in 2024.

Let that sink in for a moment. In just seven years, these early investors have seen their stakes grow by an astonishing 40,000%. To put this in perspective, a £10,000 investment in 2016 could now be worth over £4 million.

A Victory for Retail Investors

This incredible return isn't just a win for Revolut; it's a landmark moment for retail investing. Traditionally, such astronomical returns have been the domain of venture capital firms and angel investors. The Revolut crowdfunding campaign democratized access to high-growth startup investing, allowing everyday individuals to participate in a success story typically reserved for the financial elite.

"This must be the most successful crowdfund of all time. A 400x return is what VCs dream of and most never achieve, and yet 433 retail investors spotted the opportunity and ran with it. Congrats to those who saw the potential and took a punt," says Seb Johnson , a fintech analyst and founder at Growth Hub .

Return to investors backing Revolut during their crowdfunding, source:https://growth-hub.uk

The Journey to $45 Billion

Revolut's path from a £40 million valuation to $45 billion has been nothing short of extraordinary. The company has navigated through multiple funding rounds, each marking a significant uptick in valuation:

• 2017: $66 million Series B round at a $350 million valuation
• 2018: $250 million Series C round at a $1.7 billion valuation
• 2020: $500 million Series D round at a $5.5 billion valuation
• 2021: $800 million Series E round at a $33 billion valuation
• 2024: The company plans to offer up to $500 million worth of existing shares at a staggering $45 billion valuation , a significant leap from its previous $33 billion valuation in 2021.

Each step of the way, those early crowdfunding investors saw their paper wealth multiply. But it wasn't just luck; Revolut has consistently delivered on its promise of growth and innovation.

The Secret Sauce: Rapid Growth and Expansion

Revolut's success can be attributed to its aggressive growth strategy and constant innovation. The company has expanded its user base from 450,000 in 2017 to over 25 million in 2023. It has also broadened its geographical reach, now operating in over 200 countries and territories.

The product offering has evolved from a simple multi-currency card to a full-suite financial super-app. Today, Revolut offers everything from budgeting tools and savings vaults to stock trading and travel insurance.

Challenges and Controversies

Like any rapidly growing startup, Revolut has faced its share of challenges. The company has been scrutinized for its work culture, with reports of long hours and high pressure. It has also faced regulatory hurdles, particularly in its pursuit of a UK banking license.

Despite these obstacles, Revolut has continued to grow and adapt. "What sets Revolut apart is its ability to pivot and evolve," notes Mark Stephens , a tech industry veteran and former COO. "They've shown remarkable resilience in the face of challenges, which is exactly what you want to see in a high-growth company."

The Future: IPO on the Horizon?

As Revolut continues to mature, speculation about a potential initial public offering (IPO) is mounting. While the company has not announced concrete plans, an IPO could provide the ultimate payday for those early crowdfunding investors.

Lessons for Aspiring Investors

The Revolut crowdfunding success story offers several key takeaways for those looking to invest in early-stage companies:

• Do Your Research : The investors who backed Revolut likely saw potential in the team, the product, and the market opportunity.
• Diversify : While Revolut's success is remarkable, not all startups will deliver such returns. It's crucial to spread investments across multiple opportunities.
• Be Patient : The journey from £40 million to $33 billion took seven years and is now at $45 billion in 2024. Early-stage investing requires a long-term perspective.
• Understand the Risks : For every Revolut, there are countless startups that fail. Never invest more than you can afford to lose.
• Stay Informed : Keep track of the company's progress, industry trends, and potential exit opportunities.

Conclusion: The Ripple Effect And A New Chapter in Startup Investing

Revolut's crowdfunding success has had a profound impact on the startup ecosystem. More companies are now looking to crowdfunding as a viable option for early-stage capital, and platforms like Crowdcube have seen increased interest from both startups and investors. The Revolut crowdfunding campaign of 2016 will likely be remembered as a watershed moment in the history of startup investing. It has proven that with the right opportunity and timing, retail investors can achieve returns that rival or even surpass those of professional venture capitalists.

As Revolut continues its journey towards a potential IPO, the 433 individuals who took a chance on a little-known fintech startup in 2016 stand on the precipice of a life-changing windfall. Their success story serves as both an inspiration and a case study for the power of democratized investing in the digital age.

While not every crowdfunding campaign will yield such spectacular results, the Revolut story opens up new possibilities for how startups can be funded and how wealth can be created in the 21st century. It's a testament to the transformative power of technology, not just in the products and services we use, but in the very way we participate in the economy of tomorrow.

As we look to the future, one thing is clear: the lines between professional and retail investing are blurring, and the next big success story could be funded by ordinary individuals with extraordinary vision. The Revolut crowdfunding campaign may just be the beginning of a new era in startup investing, where the next billion-dollar idea is backed not by Sand Hill Road, but by Main Street.

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Revolut: The Fintech Revolution That's Changing the Game

• Financial inclusion done right.

One name has been making waves and transforming the way we think about banking and payments in the fast-expanding financial services market - Revolut. Revolut was founded with the goal of disrupting the traditional financial sector, and it has positioned itself as a pioneer in the fintech revolution, delivering new solutions that are changing the game for both consumers and businesses.

The Beginnings of a Fintech Disruptor

Revolut was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko with the goal of challenging traditional banking rules. The irritation of hidden costs, bad exchange rates, and a lack of transparency that hampered traditional banking drove the company's formation. This frustration served as the impetus for Revolut's mission to build a platform that values simplicity, transparency, and cost-efficiency .

A Diverse Financial Ecosystem

The rise of Revolut is defined by its diverse variety of financial products and services that serve to a wide range of individuals and enterprises. Revolut provided a borderless account from the start, allowing customers to hold and trade different currencies at interbank rates, eliminating the need for currency conversion fees. This decision was well received by frequent travelers and international enterprises, offering Revolut an appealing option to traditional banks.

Revolut's solutions expanded alongside the fintech landscape. The company moved into cryptocurrency trading, allowing users to buy, hold, and exchange cryptocurrencies such as Bitcoin, Ethereum, and Litecoin directly from the app. This action not only took advantage of the growing interest in digital assets, but it also democratized access to cryptocurrency markets.

Increasing Financial Literacy

Revolut has placed a heavy emphasis on financial education in addition to its product suite. The app's easy-to-use interface delivers real-time insights into spending habits, categorizing expenses and displaying trends. This tool encourages users to better manage their finances, save more efficiently, and make more educated financial decisions. Furthermore, Revolut's blog and educational resources provide practical insights into personal finance, investing strategies, and new financial trends, equipping users with the knowledge to manage the financial world's intricacies.

Business Finance is Being Revolutionized

Revolut's influence extends beyond individuals; it has also made great gains in altering commercial finance. With the launch of Revolut for Business, a package of tools designed to streamline financial processes for enterprises of all kinds was introduced. Multi-currency accounts, corporate cards, cost management features, and connections with common accounting software are among the tools available. Revolut has enabled businesses to grow their operations abroad without incurring excessive fees by simplifying cross-border transactions and delivering cheap exchange rates.

Navigating Regulatory Obstacles

While Revolut's story has been one of quick expansion and innovation, it has not been without difficulties. The financial sector's regulatory scrutiny has forced the corporation to step up its compliance efforts. Revolut worked with regulatory authorities to get the appropriate licenses and permits as it expanded its services across other areas. This not only confirmed its legitimacy, but also demonstrated its dedication to upholding the greatest levels of security and data protection.

Bridging Financial Gaps in South America

In an era marked by unprecedented technological advancements, financial inclusion remains a pressing global challenge. Amidst this backdrop, Revolut has emerged as a beacon of hope for the unbanked and underserved populations around the world. Its strategic focus on Southern America not only demonstrates a commitment to addressing financial inequality but also signals a long-term payoff in reshaping the region's financial landscape .

With ‘super-app’ aspirations, the British fintech launches in Brazil with multi-currency and crypto offerings that make it stand out from its competitors #WebSummitRio https://t.co/q7TnJmKB9G — The Brazilian Report (@BrazilianReport) May 3, 2023

Revolut's revolutionary approach to banking transcends geographical boundaries, aiming to provide financial services to individuals who have traditionally been excluded from the formal banking sector. Revolut's user-friendly mobile app and digital platform enable the unbanked to access essential financial tools, from sending and receiving money to managing payments and savings—all without the need for a traditional bank account.

Beyond the unbanked, many individuals in Latin America remain underserved by traditional financial institutions due to factors such as limited credit history or geographical constraints. Revolut's innovative approach, which leverages digital technology and streamlined processes, bridges these gaps by providing a comprehensive suite of financial services to a broader range of people. By offering features like affordable cross-border transfers, currency exchange, and budgeting tools, Revolut helps users navigate financial challenges with ease.

Revolut's strategic foray into Southern America holds the promise of significant long-term gains. The region, characterized by a large population and diverse economies, offers ample opportunities for innovation and growth in the fintech sector. The convenience of digital transactions resonates with the tech-savvy population, especially the younger demographic, providing Revolut a solid foundation to expand its user base.

Moreover, by addressing the financial needs of the unbanked and underserved, Revolut can tap into a previously untapped market, potentially yielding sustainable growth over time.

Revolut: The Fintech of the Future

Looking ahead, Revolut's path will be one of reinvention and expansion. The company's success has attracted a sizable user base, with over 15 million customers worldwide. Revolut is positioned to play an even more prominent role in influencing the future of financial services as it expands its offers and refines its services.

Revolut is well-positioned to make further developments in the fintech environment, with a sharp focus on innovation, customer-centricity, and financial empowerment. Revolut's entire ecosystem offers a look into the possibility of a seamless, all-in-one financial platform as traditional borders between banking, payments, and investing continue to blur.

Finally, Revolut exemplifies the capacity of fintech to question norms, break obstacles, and usher in a new era of financial inclusion. Revolut has changed how people interact with money by leveraging technology, openness, and a dedication to education. Revolut stays at the forefront of the fintech revolution, a driving force in the ongoing change of how we manage, spend, and invest our money.

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Fm's andrea badiola mateos at lseg's cyprus event, fm's andrea badiola mateos at speaking in a panel discussion at lseg's cyprus event, the role of pamm, mam & copy trading in business growth strategies | webinar, the copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. in light of this, brokers and financial institutions are increasingly adopting pamm, mam, and copy trading solutions to scale operations and drive profitability. in this insightful webinar, sergey ryzhavin, product owner at b2copy, outlines the advanced features of the b2copy platform, showcasing how it enhances copy trading, pamm, and mam performance. sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams. 📣 stay updated with the latest in finance and trading follow finance magnates for news, insights, and event updates across our social media platforms. connect with us today: 🔗 linkedin: https://www.linkedin.com/company/financemagnates/ 👍 facebook: https://www.facebook.com/financemagnates/ 📸 instagram: https://www.instagram.com/financemagnates_official 🐦 x (twitter): https://twitter.com/financemagnates/ 📡 rss feed: https://www.financemagnates.com/feed/ ▶️ telegram: https://t.me/financemagnatesnews don't miss out on our latest videos, interviews, and event coverage. 🔔 subscribe to our youtube channel for more🔔, join us at fmls:24 to connect with global institutional brokers. secure your spot today #fmls24, 🌟 explore cutting-edge solutions and connect with fintech leaders at fmls:24, 🤝 meet industry leaders at the premier event for brokers – fmls:24. secure your spot today.