Revolut valued at £4.2bn becomes UK's most valuable fintech startup
Digital bank Revolut tripled its value in its latest funding round to reach £4.2bn and became the UK’s most valuable fintech startup.
Revolut jumped ahead of rival Monzo (valued at £2bn in 2019) after announcing that it had raised £387.0m from a group of investors led by the US fund Technology Crossover Ventures.
The funding round also equalled the record for a private European fintech set by Sweden’s Klarna during the previous year.
Since its last funding round in spring 2018, it has expanded into UK current accounts, business banking, cryptocurrencies and stock trading with 10.0m customers around the world.
But it had yet to turn a profit, having reported a pre-tax loss of £33m in 2018, the last period for which financial statements were available, which was more than twice the £15m of red ink incurred during the year before.
Nikolay Storonsky, Revolut chief executive, said the investment “demonstrates investor confidence in our business model”.
Storonsky said that “going forward, our focus is on rolling out banking operations in Europe, increasing the number of people who use Revolut as their daily account, and striving towards profitability”.