Revolut becomes UK's most valuable fintech startup

Revolut card

TCV leads the $ 500 million round, valuing the company at $ 5.5 billion.

That makes the London-based app one of the most valuable names in financial technology, or fintech. A forthcoming funding round had been expected for some months now.

Nikolay Storonsky, Revolut chief executive, said the investment "demonstrates investor confidence in our business model". "Going ahead, our focus is on rolling-out banking operations in Europe, growing the quantity of people that use Revolut as their every day account, and striving in the direction of profitability", Revolut co-founder and CEO Nik Storonsky stated within the launch. Among other services, the bank provides current accounts, money transfers, currency-exchange services, and commission-free stock trading tools. Revolut has also crowdfunded a portion of the capital raised.

Revolut at present has over 10 million prospects, largely in Europe and the U.Okay.

Revolut is now live in the U.K., Europe, Singapore and there is a beta version operating in Australia.

Since platform launch Revolut reports having processed over 1 billion in transactions totaling $130 billion for the completely digital operation. In 2019, Revolut saw its number of daily active customers increase by 380pc. The company now employs over 2,000 people, and a year ago made a number of senior appointments across the business in order to scale up its governance.

It comes on the back of strong growth from the company. The company plans to create lending services for retail and business customers, extend its savings accounts beyond the United Kingdom, and roll out banking operations across Europe.

The main & # 39; fintechs & # 39; As Revolut, the number of customers and valuations have rapidly increased, but they have struggled to turn this into profits, with Revolut losing 33 million pounds in 2018.

Income from premium subscription plans (Revolut Premium and Revolut Metallic) have grown by 154% in 2019.

The banking industry is highly regulated in pretty much all jurisdictions. Past year it made a number of senior appointments to scale up its governance, such as Martin Gilbert (former Co-Chief Executive of Standard Life Aberdeen) as Chairman of the Board.

Revolut bolstered its executive ranks in 2019, hiring former Metro Bank Plc finance director Dave MacLean as chief financial officer and naming Standard Life Aberdeen executive Martin Gilbert as chairman.



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