How Revolut Business helped Faction Skis scale globally

Revolut Contributor

 · July 02, 2020  · 07/02/2020

Alex Hoye, Co-Founder and CEO of Faction Skis, shares his story about how Revolut Business helped him to scale this iconic ski company globally. With Revolut Business, Faction Skis can run multiple accounts in different currencies which saves them a significant amount on foreign transaction fees. The simplicity of Revolut Business means the team can use it effectively and in real time, so their finance team can manage cash flow optimally.

What is The Faction Collective?

The Faction Collective is an iconic leader in the freeskiing revolution that has taken traditional skiing by storm. Freeskiing is no longer a small faction rebelling against classic Alpine racing, but the driving force in skiing that delivers performance with a sense of freedom, fun and adventure.

What started as a rebel band sharing a vision of the raw joy that skiing delivers has expanded into 44 countries. Faction has achieved that by focusing on premium quality over mass market, creating engaging media with our athlete stars, our global on-the-ground sales team and a lean, talented employee collective stretched across 14 countries.

Faction calls itself a collective because it’s a group of diverse skiers and people who bring the brand to life, through a shared vision. It’s also a collective because of its unique capitalisation strategy. Faction is majority-owned by its 500+ individual shareholders alongside venture firm Octopus Ventures. This very modern model has enabled the company to build its global reach and take on the industry goliaths, accelerating growth with operations from Verbier to Beijing, Innsbruck to Denver.

What are our challenges?

The Faction Collective has various business functions spread all over the world. Our industry-leading skis are designed and tested on the formidable mountain faces of the Swiss Alps. The ski production is led from Innsbruck, Austria. Our dedicated soft goods team is located by Lake Annecy in France, while logistics and finance head up the London office; within the Denver office in Colorado, all of our functions are represented. And then there is the sales team. These passionate skiers are dotted all over the globe in over 14 countries, if you combine Faction’s internal team with the partners and suppliers they work with globally - that is a complicated network of currencies and tax systems to navigate.

And then we discovered Revolut Business

Revolut Business has allowed us to be dynamic across currencies, languages and time zones. From an accounting perspective, Revolut Business’ expense management feature is incredibly useful. It's made our reconciliation process much more efficient because it's super easy to set up and use. The ease of use is crucial to get the entire team using it consistently, and in real time - from our film director on location with Faction athletes, to our Chinese marketing manager provisioning for an event - Revolut’s simplicity is key.

Outcome

Revolut Business allows us to have multiple accounts in different currencies, which is a huge plus for a widely distributed team such as ours. Based on the charges that are racked up on our other company cards, Revolut saves at least €100 a month on foreign transaction fees, which adds up in the long run.

Revolut Business is a key tool to scale up Faction’s functionality across time zones, the little black card enables us to plan ahead, and also dynamically seize opportunities as they arise.

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