Revolut, known as one of the UK’s Big Three in digital banking, has tripled its valuation recently to $6 billion (approx €5.5 billion) after raising $500 million (approx €462 million) in funding. The company raised the amount by selling new shares, according to filings.
Notably, Revolut is far ahead in terms of valuation when compared to its rival Monzo, which is somewhere around $2.5 billion (approx €2.3 billion). It’s worth mentioning that the London-based fintech is expected to announce the result officially somewhere around next week.
Furthermore, the fintech company also got new backing from Bond Capital, a growth fund cofounded by venture capital veteran Mary Meeker. According to the filings, existing investors, Ribbit Capital, took part as well. Notably, Technology Crossover Ventures appears to have led the round as well, contributing around $150 million (approx €139 million).
To date, Revolut has raised approximately $340 million (approx €313 billion) in investments, from notable venture capital firms including Index Ventures, Ribbit Capital, Balderton Capital and DST Global
Revolut was launched in July 2015 by former Credit Suisse and Deutsche Bank investment bankers, Nik Storonsky and Vlad Yatsenko, as a digital alternative to the big banks. This UK fintech startup offers a pre-paid debit card, currency exchange, and peer-to-peer payments. It is on a mission to build an open and frictionless platform to use and manage money around the world.
It has developed a platform allowing users to transfer, exchange, and spend money with a multi-currency card that is accepted everywhere. The company currently supports spending and ATM withdrawals in 120 currencies and sending in 26 currencies directly from the mobile app.
Main image picture credits: Revolut
Source: The Telegraph
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