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Revolut is now the U.K.’s most valuable fintech firm.
Revolut Announces Mega-Raise
Revolut, a fintech app offering savings, insurance, investing, and crypto trading services, has become the U.K.’s biggest fintech company.
The firm recently raised $800 million in a funding round led by SoftBank’s Vision Fund 2 and Tiger Global Management. The investment puts the company’s valuation at $33 billion. Revolut raised $500 million at a valuation of $5.5 billion in Feb. 2020, meaning the startup’s valuation has jumped six times higher less than 18 months later.
Revolut is primarily known for its savings account services, though the company has taken steps to embrace crypto in recent months. In May, it announced it would let customers withdraw crypto into their personal wallets and has expanded its range of supported tokens (among those offered are Layer 1 tokens like BTC, ETH, DOGE, DOT, and SOL, plus DeFi staples like SNX, UNI, AAVE, and YFI).
Revolut has roughly 15 million personal customers and 500,000 business customers. Nonetheless, it recorded losses of around $278 million in 2020 owing to rising staff costs from rapid growth. The app is available in the U.K. and 34 other countries. Revolut holds an EU banking license, but it’s yet to receive the same approval in the U.K.
The funding round comes amid a flurry of mega-raises in the fintech and crypto spaces. The Brazilian crypto exchange Mercado Bitcoin recently hit a valuation of $2.1 billion after landing a $200 million investment from SoftBank. Meanwhile, the hardware wallet app Ledger has been valued at $1.5 billion after raising $380 million. Solana Labs, the team behind the fast-growing Solana blockchain, recently completed a $314 million token sale. Leading crypto investors Andreessen Horowitz and Polychain Capital led the raise.
Disclosure: At the time of writing, the author of this feature owned ETH, ETH2X-FLI, SNX, and AAVE. They also had exposure to UNI and YFI in a cryptocurrency index.