Revolut after the fundraising is now worth $33 billion, the funds gotten will enable the company to expand internationally. The company looks to expand towards crypto and stock exchange soon.
Revolut, a popular British banking app that allows users to invest in cryptocurrencies, has raised $800 million in a fresh round of funding.
According to CNBC, the fresh funding round is led by SoftBank, a Japanese financial titan, and Tiger Global, a US hedge fund, which together own about 5% of Revolut.
Revolut is now valued at $33 billion, a sixfold increase from its previous valuation of $5.5 billion in 2020. According to Revolut chief financial officer Mikko Salovaara, the fresh capital will enable the company to continue its international expansion as well as increase marketing and product development.
He went on to say that the company is primarily focused on launching services in the United States and India.
Revolut is now Europe’s second-largest financial unicorn, after Swedish fintech business Klarna, according to reports. It is also now the largest fintech in the United Kingdom, having acquired Checkout.com, a major payments company.
Despite enormous growth over the past year, Revolut has no intentions to go public anytime soon. Revolut did not rule out an IPO this year, according to Salovaara, but it was improbable.
Revolut did not immediately react to a request for comment from Cointelegraph.
Last year, Revolut lost approximately $240 million in annual losses, a significant increase from the $140 million it lost in 2019. Revolut CEO and co-founder Nik Storonsky has stated that aggressive investment in worldwide development and new product offerings was the key cause for rising losses in 2019.
Revolut’s CEO recently stated that the company will continue to expand into new areas like cryptocurrency and stock trading in order to achieve long-term profitability.
