The UK’s fastest growing financial super app has been valued at $ 33 billion, making it more valuable than NatWest and most companies in the FTSE 100 Index.
According to Sky News, Revolut is expected to announce a funding round of around $ 800 million, making it one of Europe’s most valuable fintech companies.
Prominent tech investors participated in the financing round, including the Vision Fund of Japanese multi SoftBank and Tiger Global Management, based in New York. Both companies now hold a 5% stake in Revolut.
Revolut, based in London, UK, offers a “Super App“for the financial sector, which offers travelers favorable exchange rates and allows the transfer and exchange of at least 28 currencies, as well as access to asset management, spending analysis and withdrawals at more than 55,000 ATMs.
The fintech company was founded in 2015 by former Lehman Brothers trader Nik Storonsky and developer Vlad Yatsenko, who previously developed financial systems at leading investment banks. Since then, Revolut has grown to more than 15 million users from all over the world and has launched solutions for saving, stock investing, insurance and cryptocurrency trading.
Earlier this year, Revolut partnered with Fireblocks and blockchain analytics firm Elliptic to expand its offering of cryptocurrencies. With it, users were newly able to withdraw their cryptocurrency to personal wallets, spend it and transfer it to other services.
Although Revolut made a loss of more than $ 280 million last year, the company is now valued at $ 24 billion, making it worth more than Bank NatWest. In fact, by fundraising, Revolut is more valuable than almost three-quarters of the companies in the FTSE 100 index.
Storonsky sees this as “a confirmation of our mission to develop a global financial super app that allows customers to manage all their financial needs through a single platform.“
Meanwhile, Karol Niewiadomski, senior investor at SoftBank, said that Revolut “at the forefront of Europe’s emerging neobanking sector “as its” pace of innovation redefines the role of financial services.“
Mikko Salovaara, chief financial officer of the company, also indicated that Revolut will eventually bring its shares to the stock market with an even higher valuation.
British Finance Minister Rishi Sunak tweeted yesterday: “Good news: @ RevolutApp has raised $ 800 million and wants to expand even further. This creates more jobs here in the UK. We want to see more great British fintech success stories.“