Revolut, one of the top neobanks in the UK, is launching a fresh investment round for Q3, with the goal of raising its worth to $10 billion. The founders of Revolut, Nikolay Storonsky, and Vlad Yatsenko, are looking for a partnership with FT Partners, a US-based fintech investment bank, to advise them on the best strategy and organization for the forthcoming push.
As a consequence of this fundraising round, Revolut’s founders might become multi-billionaires. Despite the fact that the procedure hasn’t yet begun, its investors estimate a speculative number of $15 billion, with $10 billion being on the low end.
The UK Fintech Week
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Revolut, a huge firm with 2,200 employees, has had its share of troubles, including the loss of several of its leaders and compliance concerns. However, this round of investment and the expected valuation imply that they have overcome their previous troubles and have a bright future ahead of them.
Despite its popularity, the digital banking behemoth suffered a £106.5 million loss owing to the epidemic in August 2020. During the first lockdown period, there was an increase in clients and income, and it was able to break even for the first time in two years in November.
Revolut’s Expansion
Revolut was founded in July 2015 and has already grown to over 15 million customers. Revolut is founded in the United Kingdom, but it is also accessible in Ireland, Switzerland, Singapore, Australia, Canada, and the United States. Revolut’s most recent investment round, in January 2020, received $500 million in cash and covered 35 countries. They keep growing and growing.
The firm is also in the process of seeking a banking license in the United Kingdom. While the firm does not require urgent money, the additional funding will assist cover a greater expansion, allowing it to attain the status of a worldwide bank worth around £250 million.
Revolut is swiftly becoming one of the most valuable fintech startups in the United Kingdom. However, it still has a long way to go to catch up with Klarna, a Swedish fintech company with a market capitalization of £31 billion.
Despite the increased cash, Nikolay Storonsky believes Revolut will not go public until it has a worth of at least $20 billion. All we can do now is wait and watch what happens.
This fresh round of investment might be just what Revolut needs to become a one-stop-shop for financial services. Currently offering money transfers and exchanges, overseas medical insurance, ATM withdrawals, access to cryptocurrencies, and 150 available currencies at the interbank exchange rate, as well as a banking license for UK deposits, the company looks set to attract more investors, increasing its value even further in the years ahead.
