London-based fintech firm Revolut is now one of the world’s fastest-growing digital banking and payments startups, holding a world record as well - it has a 24-billion-pound valuation in its latest funding round, which means it is more valuable than Britain’s top bank NatWest. Started about 6 years ago, it is now worth $33 billion, a sixfold increase on the $5.5 billion the company was worth in 2020. It raised $800 million in its latest funding round - from Japan’s SoftBank and New York-based Tiger Global Management. The neobank, which offers banking and trading services through an app, has 15 million users across 35 countries, who avail of its services predominantly in currency exchange, current account, and crypto-currency services, using its over 30 in-app currencies. However, it does not have a formal banking license from the UK regulators, though it has a European banking license.
Revolut was founded by a former Lehman Brothers trader Nik Storonsky and software developer Vladyslav Yatsenko. After the latest round of funding, Storonsky has said Revolut will use the investment to expand into the Indian and US markets. It has already set up an Indian unit and appointed a chief executive. It has also announced that it will be making a multi-million-pound investment in India over the next 5 years and has committed itself to the creation of 300 new jobs.
Denne historien er fra August 2021-utgaven av Banking Frontiers.
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Denne historien er fra August 2021-utgaven av Banking Frontiers.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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