Revolut has been expanding since 2015 when it was released to the market. With a valuation of $5.5 billion, it is one of the top European fintech startups. Fintech startup Revolut is raising a large Series D round of funding. Revolut was founded on 1 July 2015 by Nikolay Storonsky and Vlad Yatsenko. The Telegraph “Revolut says it’s cleaning up its act. “I think it will happen at some point, and we hope that in time we’ll exceed a $10 billion valuation. Subscribe to the Crunchbase Daily. to receive all of the latest news from the world of Finance. Revolut valuation is $5.5 b, and annual revenue was £58.24 m in FY 2018. Revolut is in 28 markets in Europe, and now you’re planning to launch in the US, Canada, Australia, New Zealand, Singapore, and Japan. View Revolut stock / share price, financials, funding rounds, investors and more at … If Revolut wants to have a $10 billion valuation it would have to make $1 billion per year. By dividing revenue by the average number of customers in the year, you can get a rough estimate for how much each user generated in 2019. Revolut has raised $916.51 m in total funding. Banking Business & Economy Editor's Picks. Moreover, they are also working in order to ensure that customers receive the best financial services experience. Since that time, the firm became a new competitor to banks and traditional financial institutions. Subscribe to the Crunchbase Daily. It includes a pre-paid debit card, currency exchange, and peer-to-peer payments. According to City AM, the fintech has aggressive plans for expansions, with plans to launch in the U.S. after the investment round. £400 per month on premium); therefore, while Revolut is free/low-fee sometimes, customers are time-limited and rate-limited for certain services. The CFO of UK fintech challenger Revolut has resigned Jon Russell @ jonrussell / 2:38 AM PST • March 1, 2019 This hasn’t been a good week … Revenue from premium subscription plans (Revolut Premium and Revolut Metal) have grown by 154% in 2019. Although it is perhaps premature to forsee the death of traditional banking, the valuation indicates that challenger banks continue to establish themselves as major players in the industry, with incumbents having to collaborate and innovate in order to remain relevant. At the same time, Barclays was able to make $2.8 billion last year. Revolut, the British digital bank, has ruled out an initial public offering in the near future as it targets another private fundraising later this year. The firm last raised venture funding in April 2018 at a $1.7 billion valuation, making it one of the most valuable unicorn companies in Europe. During the week it is free. }, 3000); Revolut CEO: We Hope to Hit $10 Billion Valuation in a Few Y “Revolut’s impressive valuation is built off the back of their relentless focus on their intuitive and rapidly evolving customer proposition, which has seen them achieve unrivalled customer growth to over 8 million customers worldwide. If their plans come to fruition, their valuation could be set … Supported by the introduction of Open Banking regulations, which allow third parties access to banking data and APIs in order to develop innovative products for customers, many digital-only banks have become household names over the past few years. The latest valuation puts it ahead of rivals Monzo and Starling, despite criticism in 2019 over its employment practices. type:"POST", Having said that, given the mounting regulatory pressure banks are under, security is still the most important piece of the onboarding puzzle.”. In this area, Revolut led the pack, making £24 per customer per annum. FinTech business Revolut is the overall winner of the 2019 UK Technology Fast 50 award, having achieved an average three-year growth rate of 48,477% to the year 2018/2019 – the fourth-highest growth in the history of the UK Fast 50 competition. var msg = $( '.wysija-msg' ); Revolut, the banking and foreign exchange group, has become the latest UK fintech company to lift its valuation above $1bn, with a $250m fundraising to fund its international expansion. Revolut will receive a ... fund at the beginning of 2019 to back ... Revolut had been looking for new funding at a valuation of between $7bn and $8bn. Nik Storonsky, the CEO and Founder of Revolut confirmed this during an exclusive interview with LearnBonds.com. })(window.jQuery); Alex Kwiatkowski, Principal Industry Consultant, Global Banking Practice at SAS said: “The success of Revolut is a sign that the traditional retail banking model is disappearing. In response, the challengers are all playing to their budgeting, visualisation and spending insight strengths and Monzo have gone one step further, offering an incentive which allows people to be paid a day early.”. Barclays Pcl, for example, is currently the 64th largest bank with $28 billion market cap. Research house WhiteSight ranked Revolut fourth globally by valuation in a 2020 comparison of independent digital banks. Open a multi-currency account in minutes. url: "/wp-admin/admin-ajax.php", If their plans come to fruition, their valuation could be set … Revolut is funded by 36 investors. Revolut, the banking and foreign exchange group, has become the latest UK fintech company to lift its valuation above $1bn, with a $250m fundraising to fund its international expansion. Quartz: City A.M. reported that Revolut is in talks to raise $500 million early this year. Offering pre-paid debit cards, fee-free currency exchange and cryptocurrency exchange through user-friendly app-based banking, Revolut is one of the fast growing startups transforming the banking industry. Some existing investors are also participating in today’s funding round, but Revolut isn’t sharing names. Revolut is a financial services company that specializes in mobile banking, card payments, money remittance, and foreign exchange. What Does Trump’s Second Impeachment Mean for the Financial Markets? Revolut raised $80 million in a top-up fundraising at an unchanged valuation of $5.5 billion in July. Although a significant proportion of the population is yet to make the switch to digital-only banking, and research from finder.com shows that nearly half of people with digital-only accounts had less than £1,000 in their accounts, it is clear that incumbents are feeling the pressure to innovate. return false; The series D investment — the firm’s fourth major round of funding since it was founded in 2015 — pushes Revolut’s valuation beyond that of rival Monzo, which was valued at around £2bn in 2019. According to LearnBonds, a $10 billion valuation could potentially place Revolut among the top 100 lists of banks by market capitalization. Currently, Revolut is still an unprofitable company. This comes as HSBC has announced that it is closing 27 branches across the UK this year, and is cutting 35,000 jobs after a fall in profits. Revolut is generally considered to be the largest challenger bank in Europe, in terms of valuation and registered users, but other rivals include N26, Monzo and Starling. The total number of users has grown by 169% in 2019. } Revolut earns the most revenue per customer. If Revolut wants to have a $10 billion valuation it would have to make $1 billion per year. “The challenger bank environment is incredibly competitive in the UK as we’ve seen by N26’s recent withdrawal from the market, so this funding round and valuation represent a real vindication of Revolut’s position in the industry. In addition to it, the challenger bank is working so as to maintain their exponential growth and move towards profitability. The UK’s challenger banks are throwing away the rulebook in pursuit of customers – but is this the right approach? A company that once was the darling of the press quickly became the opposite with some difficult articles from mainstream press such as: “Inside Revolut and why the booming finance firm is facing a tide of criticism”. Will US Capitol riots spark further change in tackling misinformation? (function($){ The verdict: Revolut vs Monzo. Some customers are satisfied with their bank and see no reason to change – especially with the big players significantly improving their app offerings recently. Revolut earns the most revenue per customer. var email = $( '#form-validation-field-0' ).val(); Revolut, the multi-functional cross-border card and app, is planning a $500 million Series D investment round, potentially enlisting tech giants like Softbank to its roster of investors, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).. Tim Waller, partner at law firm TLT LLP, commented: “This theme of open banking leading to new digital channels, rather than a revolution in banking is borne out in other trends in the industry such as the number of new banks attempting to disrupt the UK banking market. $(document).ready(function(){ Developer of a foreign exchange and money transferring application platform intended to help customers improve their financial health, empower them to have more control, and promote financial cohesion across the communities in which they operate. function isEmail(email) { //alert(email); According to Sky News, which first reported on the upcoming funding round, Revolut is aiming for a valuation of between $5 billion and $10 billion from … “Fintechs and challenger banks are making inroads, although it is too soon to say whether these new connected organisations are revolutionising banking.”. In order to power their expansion across the globe, Revolut founders Nikolay and Vlad have teamed up with JP Morgan to organise both a $500m (£395m) equity-raise and a $1bn (£790m) convertible loan. Revolut has now raised a total of $836m (£644m). Revolut is a financial services company that specializes in mobile banking, card payments, money remittance, and foreign exchange. Part of this change involves implementing the necessary technologies to leverage the volume and variety of data with which banks are inundated on a daily basis.”. In an interview with Financial News, Nikolay Storonsky, founder and chief executive of Revolut, said the firm needs to hit a valuation of $20bn-$40bn before a stock market float. Online-only bank Monzo has closed a new funding round doubling the startup’s valuation to more than $2.5 billion, making it one of the U.K.’s most highly valued fintech companies. Their latest funding was raised on Jul 24, 2020 from a Series D round. British fintech startup Revolut reportedly raised $500 million in a new round of funding, lifting its valuation to $5.5 billion.. TCV is leading the $500 million round, valuing the company at $5.5 billion. On this subject, he explained: “Many traditional banks around the world are failing by not offering effective technology platforms, not integrating customer data properly for better suggestions and failing to serve customers with enough machine-learning intelligence embedded in their process.”. The company was originally based in Level39, a financial technology incubator in Canary Wharf, London.. On 26 April 2018, Revolut announced that it had raised a further $250 million in a funding round led by Hong Kong-based DST Global, reaching a total valuation of $1.8 billion and thus becoming a unicorn. During the interview, Mr. Storonsky talked about the challenges that Revolut is currently facing. Revolut, the fintech app used by over 6 million people worldwide, has launched a new stock-trading feature that will allow users in the U. K. and … Just add a $20 deposit to get started and order your free card to … Research house WhiteSight ranked Revolut fourth globally by valuation in a 2020 comparison of independent digital banks. Although Revolut is yet to make a profit, its rapidly increasing valuation signifies that investors are willing to put their money behind challenger banks. Revenue grew by 354% in 2018. e.preventDefault(); It includes a pre-paid debit card, currency exchange, and peer-to-peer payments. ... Revolut raises $500 million at a $5.5 billion valuation. Just add a $20 deposit to get started and order your free card to … Although incumbents are now working to improve their applications for customers, the rapid rise of fintech and challenger banks has meant that they often lag behind when it comes to providing a connected, personalised experience and innovative banking products. In this area, Revolut led the pack, making £24 per customer per annum. //window.location.replace( 'http://your_thank_you_page_url' ); Open an account from your phone in minutes, without a credit check. Open an account from your phone in minutes, without a credit check. “Each market that we enter also presents us with new and interesting hurdles, so expansion and adapting to new markets is another exciting challenge,” he said. The next challenge for Revolut and others, will inevitably be turning their fantastic customer offering into a profitable proposition.”. The series D investment — the firm’s fourth major round of funding since it was founded in 2015 — pushes Revolut’s valuation beyond that of rival Monzo, which was valued at around £2bn in 2019. He went on saying that they are not focused on being the most valuable fintech firm, but they want to offer customers around the world, the best possible financial experience. } )+([a-zA-Z0-9]{2,4})+$/; Revolut has now raised a total of $836m (£644m). Meanwhile, the banking giant HSBC Holding is in the 7th position with a market valuation of $144 billion. Tim Berners-Lee: Internet users are “fed up of a lack of control”, “Use Signal” Elon Musk tells his 41 million Twitter followers, Covid-19 will stunt Gen Z consumer trends, Smart cities to be engines of emerging APAC growth, IBM revenue slumps 6% in “disappointing” Q4 results. The latest valuation puts it ahead of rivals Monzo and Starling, despite criticism in 2019 over its employment practices. As the demand for new financial products and services continues to grow, Revolut’s valuation follows the same path. Once seen as a traditional sector, tied down by archaic legacy systems, FinTechs are progressively being seen as transformative and are winning the trust of consumers by offering ground breaking ease of use and great value for money, converting historically reluctant-to-switch customers into early stage adopters. The latest valuation puts it ahead of rivals Monzo and Starling, despite criticism in 2019 over its employment practices. $( 'form.widget_wysija' ).submit(function(e){ The latest valuation puts it ahead of rivals Monzo and Starling, despite criticism in 2019 over its employment practices. Why so many markets so fast? //alert(data); The valuation of the London-based bank leaped as it confirmed it had raised £113m from a group of ... Monzo is not only taking on digital rivals such as Revolut… Although Revolut is FinTechs such as Monzo, Starling and Revolut have helped to shift external perceptions of the banking and payments industry. While things haven’t moved as quickly as they might have over the course of 2019, with just two new banking licences being issued, the sector is changing and is under increased scrutiny. As the demand for new financial products and services continues to grow, Revolut’s valuation follows the same path. By Finance Monthly On Oct 3, 2019 0. Similarly, they allow you to draw out money free from ATMs, but only up to certain limits depending on the account (ie. By dividing revenue by the average number of customers in the year, you can get a rough estimate for how much each user generated in 2019. © 2021 Finance Monthly - All Rights Reserved. }); success:function(data){ }); But things may shift depending on the Senate's willingness to convict the former president. Revolut General Information Description. if( msg.text() !== '' ){ Revolut’s most recent venture funding was raised in April 2018 at a $1.7 billion valuation, which resulted in it becoming one of the Europe’s most valuable unicorn companies. It was followed by Starling with £21 and Monzo with £20. History. This is a far cry from the $2.3m “late seed/early A” round we led 5 years ago. The company was originally based in Level39, a financial technology incubator in Canary Wharf, London.. On 26 April 2018, Revolut announced that it had raised a further $250 million in a funding round led by Hong Kong-based DST Global, reaching a total valuation of $1.8 billion and thus becoming a unicorn. Fintech startup Revolut is raising a large Series D round of funding. Revolut valuation indicates growing influence of challenger banks, 25th February 2020 (Last Updated February 28th, 2020 10:27). Revolut has been expanding since 2015 when it was released to the market. Although Revolut is yet to make a profit, its rapidly increasing valuation signifies that investors are willing to put their money behind challenger banks. Share this article. Revolut has raised $916.51 m in total funding. jQuery.ajax({ October 21, 2019 Challenger bank and for many fintech-favorite Revolut announced last week that the company is set to raise an additional $1,5 billion for its expansion into the US market. Revolut CEO: We Hope to Hit $10 Billion Valuation in a Few Years. Investor Technology Crossover Ventures … In the past few months, the firm appointed several experts in different areas to strengthen their management team. Is Revolut the Wework of fintech? Twitter round-up: Kash Sirinanda’s tweet on using robots in airports most popular tweet in Q4 2020, Interoperability is essential for AI development, Ecommerce startups lead red-hot tech IPO market, Deliveroo funding round brings startup’s valuation to $7bn, HR platform Personio valued at $1.7bn following $125m funding round, Monzo founder Tom Blomfield leaves challenger bank, UK top destination in Europe for fintech investment, Regtech startup Konsentus acquires Open Banking Europe, Over a quarter of Brits now have a digital-only bank account. % in 2018, lifting its valuation tripled since 2018 to £4.2bn things... Area, Revolut led the pack, making £24 per customer per annum or interesting to... Ceo and Founder of Revolut ended the conversation by talking about the interaction between traditional and challenger banks foreign. Total funding, and annual revenue in FY 2018 the demand for new financial products and services continues grow. 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