Revolut valuation is $5.5 b, and annual revenue was £58.24 m in FY 2018. Revolut CEO: We Hope to Hit $10 Billion Valuation in a Few Years. Regarding the future of the company, Storonsky stated they will continue to hire great people around the world and expand to new regions and markets. The next challenge for Revolut and others, will inevitably be turning their fantastic customer offering into a profitable proposition.”. Since that time, the firm became a new competitor to banks and traditional financial institutions. If their plans come to fruition, their valuation could be set … British fintech startup Revolut reportedly raised $500 million in a new round of funding, lifting its valuation to $5.5 billion.. 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. Revolut valuation indicates growing influence of challenger banks, 25th February 2020 (Last Updated February 28th, 2020 10:27). Read the latest Finance News, FinTech innovations and developments in the Financial Services and Banking sectors in our latest edition. The company, which was founded in 2015, is something like a new-age bank: Users can create accounts in the Revolut … 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. According to City AM, the fintech has aggressive plans for expansions, with plans to launch in the U.S. after the investment round. If Revolut wants to have a $10 billion valuation it would have to make $1 billion per year. function isEmail(email) { type:"POST", Some customers are satisfied with their bank and see no reason to change – especially with the big players significantly improving their app offerings recently. As the demand for new financial products and services continues to grow, Revolut’s valuation follows the same path. It’s not every day a company closes a $500m round at an exceptional valuation. 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. © 2021 Finance Monthly - All Rights Reserved. Revolut Crypto reaches milestone $1trillion dollar market cap The total crypto market capitalisation has now passed $1 trillion, (yes, trillion), for the very first time since the introduction of the first cryptocurrency in 2009. The Telegraph “Revolut says it’s cleaning up its act. 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. Fintech startup Revolut is raising a large Series D round of funding. Research house WhiteSight ranked Revolut fourth globally by valuation in a 2020 comparison of independent digital banks. Investor Technology Crossover Ventures … Since that time, the firm became a new competitor to banks and traditional financial institutions. In this area, Revolut led the pack, making £24 per customer per annum. Hi, I'm Oliver, the Editor for our Online Content. Congratulations to the whole Revolut team of 2,000+ on this incredible milestone. Revolut was founded on 1 July 2015 by Nikolay Storonsky and Vlad Yatsenko. 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. Their latest funding was raised on Jul 24, 2020 from a Series D round. 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 a financial services company that specializes in mobile banking, card payments, money remittance, and foreign exchange. By Finance Monthly On Oct 3, 2019 0. 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 … 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. The total number of users has grown by 169% in 2019. //alert(email); Barclays Pcl, for example, is currently the 64th largest bank with $28 billion market cap. With the new funds the company plans to improve their existing product set and grow revenue. //window.location.replace( 'http://your_thank_you_page_url' ); Just add a $20 deposit to get started and order your free card to … £400 per month on premium); therefore, while Revolut is free/low-fee sometimes, customers are time-limited and rate-limited for certain services. It’s not every day a company closes a $500m round at an exceptional valuation. The UK’s challenger banks are throwing away the rulebook in pursuit of customers – but is this the right approach? In this area, Revolut led the pack, making £24 per customer per annum. Finance Monthly is a global publication delivering news, comment and analysis to those at the centre of the corporate sector. The latest valuation puts it ahead of rivals Monzo and Starling, despite criticism in 2019 over its employment practices. It is on a mission to build a fair and frictionless platform to … if( msg.text() !== '' ){ }); 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. Currently, Revolut is still an unprofitable company. $(document).ready(function(){ ... Revolut raises $500 million at a $5.5 billion valuation. FinTechs such as Monzo, Starling and Revolut have helped to shift external perceptions of the banking and payments industry. success:function(data){ Are those talks on track? “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. Subscribe to the Crunchbase Daily. This is a far cry from the $2.3m “late seed/early A” round we led 5 years ago. Share this article. ... Revolut’s latest accounts showed revenue almost tripled in 2019… 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. })(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. Revolut has raised a total of $917M in funding over 13 rounds. Revolut is funded by 36 investors. 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 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 … Revolut has ten million users, including seven million in the UK, reporting revenue growth of 350% in 2018. Banking Business & Economy Editor's Picks. Quartz: City A.M. reported that Revolut is in talks to raise $500 million early this year. Open a multi-currency account in minutes. The verdict: Revolut vs Monzo. Revolut has raised $916.51 m in total funding. This is a far cry from the $2.3m “late seed/early A” round we led 5 years ago. Revolut has raised a total of $917M in funding over 13 rounds. Revolut CEO: We Hope to Hit $10 Billion Valuation in a Few Y British fintech startup Revolut reportedly raised $500 million in a new round of funding, lifting its valuation to $5.5 billion.. Although Revolut is yet to make a profit, it's rapidly increasing valuation signifies that investors are willing to put their money behind challenger banks. It was followed by Starling with £21 and Monzo with £20. Will US Capitol riots spark further change in tackling misinformation? Research house WhiteSight ranked Revolut fourth globally by valuation in a 2020 comparison of independent digital banks. var msg = $( '.wysija-msg' ); var email = $( '#form-validation-field-0' ).val(); It includes a pre-paid debit card, currency exchange, and peer-to-peer payments. Revolut has 2,000 employees across 20 locations, $916.51 m in total funding, and £58.24 M in annual revenue in FY 2018. Revolut has been expanding since 2015 when it was released to the market. Nik Storonsky, the CEO and Founder of Revolut confirmed this during an exclusive interview with LearnBonds.com. 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. }); url: "/wp-admin/admin-ajax.php", But things may shift depending on the Senate's willingness to convict the former president. “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. Challenger bank Revolut has become the most valuable fintech startup in the UK after its valuation tripled since 2018 to £4.2bn. Is Revolut the Wework of fintech? 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. Revolut will also charge you 0.5-1.5% exchange rate fee between currencies on weekends only. return false; According to LearnBonds, a $10 billion valuation could potentially place Revolut among the top 100 lists of banks by market capitalization. Although Revolut is yet to make a profit, its rapidly increasing valuation signifies that investors are willing to put their money behind challenger banks. 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 latest valuation puts it ahead of rivals Monzo and Starling, despite criticism in 2019 over its employment practices. History. 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. TCV is leading the $500 million round, valuing the company at $5.5 billion. Both Revolut and Monzo give you great apps with cool features to manage your money better, including spending insights and real-time notifications. Revolut was founded in 2015 and originally offered foreign exchange services tied to a payment card. 27th November 2019 | John Reynolds Fintech investor Draper Esprit reports 51 percent uplift in pre-tax profits to £59m Revolut marketing boss says bank is … “I think it will happen at some point, and we hope that in time we’ll exceed a $10 billion valuation. Since that time, the firm became a new competitor to banks and traditional financial institutions. History. 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. 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. var regex = /^([a-zA-Z0-9_.+-])+\@(([a-zA-Z0-9-])+\. Revolut raised $80 million in a top-up fundraising at an unchanged valuation of $5.5 billion in July. Daily active customers grew by 380% in 2019. Currently, Revolut is still an unprofitable company. During the interview, Mr. Storonsky talked about the challenges that Revolut is currently facing. With a valuation of $5.5 billion, it is one of the top European fintech startups. Share Facebook Twitter Google+ Email Pinterest Linkedin Tumblr. return regex.test(email); “Of course, there are still many who have no plans to try digital-only banks, and events like N26 announcing their decision to leave the UK market won’t help convince sceptical consumers that they can trust these challengers. 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. ... (Revolut Premium and Revolut Metal) have grown by 154% in 2019. 0. “The arrival of FinTechs and challenger banks has kickstarted a period of transformative change that will see established players fade away if they fail to act. Revenue grew by 354% in 2018. Congratulations to the whole Revolut team of 2,000+ on this incredible milestone. Just add a $20 deposit to get started and order your free card to … In addition to it, the challenger bank is working so as to maintain their exponential growth and move towards profitability. } Having said that, given the mounting regulatory pressure banks are under, security is still the most important piece of the onboarding puzzle.”. As the demand for new financial products and services continues to grow, Revolut’s valuation follows the same path. It is on a mission to build a fair and frictionless platform to … Open an account from your phone in minutes, without a credit check. Read more: The UK’s challenger banks are throwing away the rulebook in pursuit of customers – but is this the right approach? Revolut was founded on 1 July 2015 by Nikolay Storonsky and Vlad Yatsenko. Subscribe to the Crunchbase Daily. UK-based fintech Revolut is reportedly set to be valued at $5bn (£3.85bn) in an upcoming funding round. The latest valuation puts it ahead of rivals Monzo and Starling, despite criticism in 2019 over its employment practices. 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.”. Meanwhile, the banking giant HSBC Holding is in the 7th position with a market valuation of $144 billion. TSG Consumer Partners and Lakestar are the most recent investors. 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 is funded by 36 investors. Revolut is in 28 markets in Europe, and now you’re planning to launch in the US, Canada, Australia, New Zealand, Singapore, and Japan. 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. 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. 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. 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.”. 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. Revolut valuation is $5.5 b, and annual revenue was £58.24 m in FY 2018. 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. In terms of valuation, Revolut is aiming somewhere in the range of $5-10 billion. 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. TSG Consumer Partners and Lakestar are the most recent investors. At the same time, Barclays was able to make $2.8 billion last year. See insights on Revolut including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. He explained that Revolut is working to find the best candidates to join the firm and meet the current growth needs. 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. Although Revolut is yet to make a profit, its rapidly increasing valuation signifies that investors are willing to put their money behind challenger banks. Revolut has been expanding since 2015 when it was released to the market. 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. 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. 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. During the week it is free. 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. 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. “It’s not news that banking customers are unsatisfied with the service they’re getting from the big banks – and that the challengers are winning these customers over. In the past few months, the firm appointed several experts in different areas to strengthen their management team. Meanwhile, the digital bank broke even last November after bleeding £270 million in 2019. 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. Revolut General Information Description. Moreover, they are also working in order to ensure that customers receive the best financial services experience. Revolut obtained a banking licence in Lithuania in 2018, indicating that it will be able to further expand its offerings in the near future. 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. }, 3000); Revolut has now raised a total of $836m (£644m). to receive all of the latest news from the world of Finance. Nik explained Revolut is building robust governance procedures to cope with their growing customer demand. View Revolut stock / share price, financials, funding rounds, investors and more at … What Does Trump’s Second Impeachment Mean for the Financial Markets? Over the past few years, Revolut has raised $836 million in total. Why so many markets so fast? //alert(data); Revolut Bank UAB Capital adequacy and risk management report 31 December 2019 4 Tables Table 1: Key Metrics 31 Dec 2019 30 Sep 2019 30 Jun 2019 Available capital (amounts) 1 Common Equity Tier 1 (CET1) 9,248 4,770 5,396 2 Tier 1 9,248 4,770 5,396 3 Total capital 9,248 4,770 5,396 data: { email : email, action : 'add_to_mail'}, 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”. 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