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Revolut acquires another major investment and increases its value sixfold

Revolut acquires another major investment and increases its value sixfold

Spoluzakladatelé Revolutu Vlad Yatsenko and Nikolai Storunsky

Photo: Revolut

It has met year after year and Revolut is making another investment. While this British financial and tech startup last year has yet to increase in value after raising new capital, this time around it took it for granted. Large investors send $ 800 million (more than 17 billion kroner) to it, bringing the value of Revolut to $ 33 billion, i.e. more than 710 billion kroner. That’s a staggering sixfold year-over-year growth, because a year ago the company was worth 5.5 billion.

The London startup, which has so far received more than $900 million from investors and nearly doubled that amount, now has a solid investor duo in the form of Vision Fund 2 from Japan’s SoftBank and Tiger Global Management on board. This year, he also invested in the Czech startup Productboard. In doing so, Revolut became the most valuable British start-up when it overtook another fintech venture.

This is a confirmation of the great appetite of investors, who in recent months have sent huge investments to both financial technology startups, and, for example, to those who deal with food delivery. An example of this is the local online supermarket, which recently became the first Czech unicorn startup, with a valuation exceeding $1 billion. The revolution is a few steps away in this regard.

Revolut currently has an account with around 15 million customers and 500,000 other businesses, who can use more advantageous exchange rates, easy money transfers, and trade stocks or cryptocurrencies and other financial products. The company is also gradually launching its own bank, with which it will soon expand in the Czech Republic as well. In February of this year, the company launched it in Slovakia.

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In June, Revolut revealed that even thanks to the abundant trading of stocks and cryptocurrencies reported by its users, its sales grew to £261 million in 2020, but at the same time its losses deepened. That is why he previously announced that some of his services, such as ATM withdrawals or trading on the stock exchange, will become more expensive in order to improve his financial position.

The newly acquired capital is intended to help Revolut expand into other markets, including the United States and India, as well as introduce new products and enhance marketing. However, it has not yet helped him become the most valuable startup in Europe. That leaves Swedish fintech company Klarna, whose value rose to $46 billion a month ago.