Infotech

Revolut crosses the $ 30 billion valuation mark



Posted on Jul 15, 2021, 12:56 PM

$ 33 billion. This is the vertiginous valuation that Revolut, the British fintech, would reach after having raised funds of 800 million dollars. It is more than big historical establishments like Natwest in the United Kingdom or even Societe Generale in France.

This fundraising was led by the Vision Fund 2 of the Japanese giant SoftBank and the investment fund Tiger Global Management. It corresponds to a valuation multiplied by six for Revolut since its last fundraising in February 2020, since it was then valued “only” 5.5 billion dollars.

International development

The funds collected should allow the group to continue to finance its growth projects, whether in money transfers, savings, insurance or wealth management. They will also help it expand into the United States and enter India and other international markets.

However Revolut has seen its losses widen from £ 107million in 2019 to £ 168million in 2020. These losses reflect this rush to invest in order to acquire new customers. Its international development also increases its administrative costs. FinTech would only have finally broken even at the end of last year.

15 million customers

Revolut has approximately 15 million personal customers and 500,000 businesses using its products, which include bank accounts, international money transfers, cryptocurrency and stock exchanges, as well as bill payment and budgeting tools. .

“This financing makes Revolut the best valued British fintech and demonstrates investor confidence in our ability to provide a better offer to clients across all financial services,” said CEO Nik Storonsky, quoted in the press release.

Finance Minister Rishi Sunak, quoted in the group’s statement, hailed “big news” which will “create more jobs here in the UK” as the government seeks to become more attractive in the UK. post-Brexit world.

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