Fintech News
Revolut Attains $33 billion Valuation – Eyes International Expansion
Financial Technologies (FinTech) companies are all the rage these days. For proof, look no further than payment platform Revolut, and its recently announced successful capital raise. An event which helped make it the most valuable company of its kind within the United Kingdom, and the second largest in Europe.
Details of the Raise
In this particular raise, which was Revolut's Series E, major investments were made by two companies in particular.
- SoftBank Vision Fund 2
- Tiger Global Management
Cumulatively, Revolut was able to bring in $800M. In doing so, the company has seen its valuation jump from $5.5B in 2020 to a staggering $33B at time of writing.
By attaining this, Revolut remains in-line with rival platform and ‘unicorn’ Robinhood, as it is believed to boast a roughly $40B valuation itself.
Future Plans
So, what is the plan now that Revolut is flush with a fresh $800M? Expansion of both reach and services. This means not only building on its already wildly popular platform, but bringing accessibility to massive markets like India and the United States.
Revolut CEO, Nikolay Storonsky, states,
“As we expand into new markets we are encouraged by our customers' enthusiasm for Revolut and we look forward to using this investment to further our mission…SoftBank and Tiger Global's investments are an endorsement of our mission to create a global financial superapp that enables customers to manage all their financial needs through a single platform,”
IPO Incoming?
Whether it takes shape as an IPO, direct listing, or some other avenue, it is widely expected that Revolut will see itself go public at some point. Although rival platforms such as Wise have already done so, Revolut representatives have recently indicated that it is unlikely such a move will take place in 2021.
SoftBank Vision Fund 2
While we are highlighting the successes of Revolut, it should be noted that another name continues to recur in capital raises such as these – SoftBank.
As recently as yesterday, we were reporting on participation by SoftBank in a capital raise by startup ‘M1 Finance’. This event, while not on the same level as Revolut’s, saw M1 Finance generate $150M.
