Now valued at $33 billion, Revolut didn’t rule out a potential IPO this year, but the firm’s CFO suggested that it was unlikely.
Revolut, a major British banking app featuring cryptocurrency investment, has secured $800 million in a new funding round.
The new investment round is led by Japanese financial giant SoftBank and United States hedge fund Tiger Global, which collectively hold around 5% in Revolut, CNBC reported Thursday.
The round values Revolut at $33 billion, marking a sixfold increase from the company’s valuation of $5.5 billion in 2020. The newly secured funding will help Revolut continue international expansion as well as further improve marketing and product development, Revolut chief financial officer Mikko Salovaara noted. The company is particularly focused on rolling out services in the U.S. and India, he added.
The latest financing round reportedly makes Revolut the second-largest fintech unicorn in Europe behind Swedish fintech company Klarna. It is also now the biggest fintech in the United Kingdom, flipping major payments firm Checkout.com.
Despite Revolut posting massive growth over the past year, the company has no immediate plans for an initial public offering. Salovaara said that Revolut did not rule out a potential IPO this year but suggested it was unlikely.
Revolut did not immediately respond to CryptoPumpNews’s request for comment.
Related: Revolut expands to Japan as its first non-English speaking market
Revolut reported nearly $240 million in annual losses last year, higher than the $140 million the company lost in 2019. Revolut CEO and co-founder Nik Storonsky previously said that the main reason for mounting losses in 2019 was an aggressive investment in global expansion and new product offerings. Revolut will continue its expansion into new services like crypto and stock trading to reach profitability in the long run, the CEO said recently.
Every trader who trades cryptocurrency on the Binance exchange wants to know about the upcoming pumping in the value of coins in order to make huge profits in a short period of time.
This article contains instructions on how to find out when and which coin will participate in the next “Pump”. Every day, the community on Telegram channel Crypto Pump Signals for Binance publishes 1-2 free signals about the upcoming “Pump” and reports on successful “Pumps” which have been successfully completed by the organizers of the VIP community.
These trading signals help earn from 20% to 150% profit in just a few hours after purchasing the coins published on the Telegram channel “Crypto Pump Signals for Binance”. Are you already making a profit using these trading signals? If not, then try it! We wish you good luck in trading cryptocurrency and wish to receive the same profit as VIP users of the Crypto Pump Signals for Binance channel. Examples can be seen on this page!