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Digital Bank Revolut was worth $ 33 billion in a new funding round – News


Revolut’s founder and CEO, Nikolay Storonsky, is on stage at the 2019 WebSummit Technology Conference in Lisbon, Portugal.

Harry Murphy | Web Summit Sportsfile via Getty Images

London — British fintech firm Revolut said Thursday that it has raised $ 800 million in a new funding round led by it. Softbank And Tiger Global.

Revolut, which provides banking and trading services via the app, is currently valued at $ 33 billion following the latest round. $ 5.5 billion The company was worth it last year.

With the latest funding round, Revolut has become Europe’s second largest fintech unicorn, a private start-up company worth over $ 1 billion. Buy Now-Pay Later Huge Klarna, According to CB Insights data. It is also the largest fintech in the UK and has made great strides. Settlement company Checkout.com..

The new cash comes from SoftBank Vision Fund 2, a Japanese conglomerate, and Tiger Global, a US hedge fund, which together hold less than 5% of the company’s stake.

Revolut’s chief financial officer, Mikko Salovaara, told reporters Thursday. He added that the company is focused on accelerating growth in the United States and India.

FinTech start-ups have recently been enthusiastic about raising funds, raising a record $ 33.7 billion in the second quarter of 2021, according to CB Insights. In Europe German trading republic Molly of the Netherlands has raised hundreds of millions of dollars from investors.

Salovaara said Revolut has just raised a significant amount of money and has no immediate plans for an initial public offering. He didn’t rule out an IPO this year, but suggested it was unlikely.Remittance giant last week smart Published in London’s largest technology list By market capitalization.

Revolut reported an annual loss of £ 167.8 million ($ 231.9 million) in 2020. This is more than the company lost £ 106.7m in the previous year.

FinTech generated £ 222.1m last year. In short, Revolut’s new market value is more than 100 times its 2020 sales.

According to Sarovara, Revolut will reach the break-even point into the second half of 2020 and will be “very profitable” in the first quarter of this year.

The company is working to expand into new services such as crypto, equity trading and business accounts to achieve long-term profitability, CEO and co-founder Nik Storonsky told CNBC in a recent interview. ..

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