Revolut Raises $800 Million, Reaches $33 Billion Valuation
Revolut, a prominent financial technology company based in London, UK, has made waves in the market by successfully raising an impressive $800 million in a Series E funding round. This significant investment has catapulted the company’s valuation to a staggering $33 billion. Among the notable backers of this funding round are reputable new investors such as SoftBank Vision Fund 2 and Tiger Global Management. The company has ambitious plans for the use of these funds, including ongoing product innovation to cater to the everyday financial needs of its customers, which encompass global transfers, savings management, insurance, and trading. In addition, Revolut aims to expand its offerings to the market in the United States and is planning an entry into India and other international territories, reinforcing its commitment to global financial inclusivity.
Founded and led by Nikolay Storonsky, who serves as both Founder and CEO, Revolut has rapidly established itself as a leader in the fintech space since its inception in 2015.
Initially launched in the UK, the platform provided innovative solutions for money transfer and currency exchange, and has since evolved to serve a global customer base. As of now, Revolut boasts a staggering 16 million users worldwide, who utilize various products offered by the platform to facilitate more than 150 million transactions every month. This remarkable adoption illustrates the company’s success in meeting the demands of modern consumers who seek seamless and efficient financial services.
In June, the company published its Annual Report for the fiscal year ending December 31, 2020, which highlighted an impressive 57% increase in adjusted revenue, bringing it to £261 million, up from £166 million in 2019—a growth of £95 million. The report also revealed a remarkable 215% rise in gross profits, moving from £39 million in 2019 to £123 million in 2020, coupled with a notable improvement in gross margin from 25% to 49%. This combination of significant revenue growth and improved profit margins contributed to a dramatic reduction of quarterly adjusted operating losses by 90%, maintaining a clear trajectory of strengthening core business activities. However, it is essential to note that the full-year adjusted operating loss rose to £122 million compared to £98 million in 2019. Revolut's international expansion strategy remains robust, with successful service launches in key markets such as the US, Australia, and Japan.
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