In a recent secondary share sale, British fintech startup Revolut announced that it had achieved a staggering valuation of $45 billion. This significant milestone was reached through a successful round led by Coatue, D1 Capital Partners, and existing investor Tiger Global. The company attributes this impressive valuation to its strong financial performance in recent quarters and the successful execution of its strategic objectives. This valuation marks a substantial increase from the $33 billion valuation recorded just a few months ago in July 2021.
Revolut CEO Nik Storonsky expressed his excitement at providing employees with the opportunity to benefit from the company’s success. Additionally, Storonsky highlighted the company’s enthusiasm for partnering with new investors who share Revolut’s vision. As Revolut continues on its journey to redefine the banking landscape, these new partnerships are crucial for driving innovation and growth in the fintech industry.
The recent valuation milestone comes shortly after Revolut was granted a banking license in the U.K. While this achievement marked a significant milestone for the company, it was not without its challenges. Delays in obtaining the license were attributed to issues with Revolut’s share structure, which did not align with the regulatory requirements of the U.K.’s Prudential Regulation Authority. However, Revolut successfully addressed these issues, resulting in the issuance of the banking license with restrictions. This license now enables Revolut to offer a wider range of financial products, including customer deposits, loans, and credit cards.
With the banking license in hand, Revolut is now focused on building its banking infrastructure in the U.K. in preparation for its official launch. This strategic move will position Revolut as a key player in the banking industry, offering customers a comprehensive suite of financial services. By leveraging its innovative technology and customer-centric approach, Revolut aims to revolutionize traditional banking and set new standards for the industry.
Revolut’s meteoric rise in valuation and acquisition of a banking license underscore its position as a leading fintech disruptor. With a clear vision, strong partnerships, and a commitment to innovation, Revolut is poised for continued success in reshaping the future of banking.
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