Less distinctive than what? The original logo was a trend with thousands of logos looking like generic versions of each other. Was Revolut's logo distinctive back then? No. Then years later many logos followed a new trend and became another flavor of "not distinctive". I am not saying that old or new logo is better: they are all pretty generic. Always have been. We only recognize them as having character when we look at past iterations because we are so used to the current ones. Saying that, in my view the old logo was really ugly. The new one is just really generic.