In 2019 it was named the UK’s fastest growing tech company by Deloitte. Once seen as a traditional sector, tied down by archaic legacy systems, FinTechs are progressively being seen as transformative and are winning the trust of consumers by offering ground breaking ease of use and great value for money, converting historically reluctant-to-switch customers into early stage adopters. The CFO of UK fintech challenger Revolut has resigned Jon Russell @ jonrussell / 2:38 AM PST • March 1, 2019 This hasn’t been a good week … Twitter round-up: Kash Sirinanda’s tweet on using robots in airports most popular tweet in Q4 2020, Interoperability is essential for AI development, Ecommerce startups lead red-hot tech IPO market, Deliveroo funding round brings startup’s valuation to $7bn, HR platform Personio valued at $1.7bn following $125m funding round, Monzo founder Tom Blomfield leaves challenger bank, UK top destination in Europe for fintech investment, Regtech startup Konsentus acquires Open Banking Europe, Over a quarter of Brits now have a digital-only bank account. This follows a series D funding round that raised $836, led by Technology Crossover Ventures, which has also backed Spotify and Netflix. The latest valuation puts it ahead of rivals Monzo and Starling, despite criticism in 2019 over its employment practices. Revolut was founded on 1 July 2015 by Nikolay Storonsky and Vlad Yatsenko. “Each market that we enter also presents us with new and interesting hurdles, so expansion and adapting to new markets is another exciting challenge,” he said. “Fintechs and challenger banks are making inroads, although it is too soon to say whether these new connected organisations are revolutionising banking.”. return regex.test(email); Revolut raised $80 million in a top-up fundraising at an unchanged valuation of $5.5 billion in July. Meanwhile, the banking giant HSBC Holding is in the 7th position with a market valuation of $144 billion. Although incumbents are now working to improve their applications for customers, the rapid rise of fintech and challenger banks has meant that they often lag behind when it comes to providing a connected, personalised experience and innovative banking products. Congratulations to the whole Revolut team of 2,000+ on this incredible milestone. If Revolut wants to have a $10 billion valuation it would have to make $1 billion per year. ... (Revolut Premium and Revolut Metal) have grown by 154% in 2019. Part of this change involves implementing the necessary technologies to leverage the volume and variety of data with which banks are inundated on a daily basis.”. type:"POST", }); Tim Waller, partner at law firm TLT LLP, commented: “This theme of open banking leading to new digital channels, rather than a revolution in banking is borne out in other trends in the industry such as the number of new banks attempting to disrupt the UK banking market. if( msg.text() !== '' ){ ... Revolut raises $500 million at a $5.5 billion valuation. This is a far cry from the $2.3m “late seed/early A” round we led 5 years ago. The next challenge for Revolut and others, will inevitably be turning their fantastic customer offering into a profitable proposition.”. In terms of valuation, … Their latest funding was raised on Jul 24, 2020 from a Series D round. Some existing investors are also participating in today’s funding round, but Revolut isn’t sharing names. Revolut General Information Description. On this subject, he explained: “Many traditional banks around the world are failing by not offering effective technology platforms, not integrating customer data properly for better suggestions and failing to serve customers with enough machine-learning intelligence embedded in their process.”. } Research house WhiteSight ranked Revolut fourth globally by valuation in a 2020 comparison of independent digital banks. Revolut will receive a ... fund at the beginning of 2019 to back ... Revolut had been looking for new funding at a valuation of between $7bn and $8bn. Just add a $20 deposit to get started and order your free card to … Open an account from your phone in minutes, without a credit check. Daily active customers grew by 380% in 2019. With a valuation of $5.5 billion, it is one of the top European fintech startups. In the past few months, the firm appointed several experts in different areas to strengthen their management team. Research house WhiteSight ranked Revolut fourth globally by valuation in a 2020 comparison of independent digital banks. The CEO and Founder of Revolut ended the conversation by talking about the interaction between traditional and challenger banks. Since that time, the firm became a new competitor to banks and traditional financial institutions. Meanwhile, the digital bank broke even last November after bleeding £270 million in 2019. Revolut is a financial services company that specializes in mobile banking, card payments, money remittance, and foreign exchange. FinTech business Revolut is the overall winner of the 2019 UK Technology Fast 50 award, having achieved an average three-year growth rate of 48,477% to the year 2018/2019 – the fourth-highest growth in the history of the UK Fast 50 competition. Supported by the introduction of Open Banking regulations, which allow third parties access to banking data and APIs in order to develop innovative products for customers, many digital-only banks have become household names over the past few years. Revolut, the banking and foreign exchange group, has become the latest UK fintech company to lift its valuation above $1bn, with a $250m fundraising to fund its international expansion. Are those talks on track? So far, not much. He went on saying that they are not focused on being the most valuable fintech firm, but they want to offer customers around the world, the best possible financial experience. Open a multi-currency account in minutes. Revolut is generally considered to be the largest challenger bank in Europe, in terms of valuation and registered users, but other rivals include N26, Monzo and Starling. Since that time, the firm became a new competitor to banks and traditional financial institutions. In terms of valuation, Revolut is aiming somewhere in the range of $5-10 billion. Challenger bank Revolut has become the most valuable fintech startup in the UK after its valuation tripled since 2018 to £4.2bn. Developer of a foreign exchange and money transferring application platform intended to help customers improve their financial health, empower them to have more control, and promote financial cohesion across the communities in which they operate. Revolut has 2,000 employees across 20 locations, $916.51 m in total funding, and £58.24 M in annual revenue in FY 2018. “Of course, there are still many who have no plans to try digital-only banks, and events like N26 announcing their decision to leave the UK market won’t help convince sceptical consumers that they can trust these challengers. function isEmail(email) { Revolut, the banking and foreign exchange group, has become the latest UK fintech company to lift its valuation above $1bn, with a $250m fundraising to fund its international expansion. The verdict: Revolut vs Monzo. Developer of a foreign exchange and money transferring application platform intended to help customers improve their financial health, empower them to have more control, and promote financial cohesion across the communities in which they operate. Regarding the future of the company, Storonsky stated they will continue to hire great people around the world and expand to new regions and markets. Revolut will also charge you 0.5-1.5% exchange rate fee between currencies on weekends only. Revolut CEO: We Hope to Hit $10 Billion Valuation in a Few Y The company was originally based in Level39, a financial technology incubator in Canary Wharf, London.. On 26 April 2018, Revolut announced that it had raised a further $250 million in a funding round led by Hong Kong-based DST Global, reaching a total valuation of $1.8 billion and thus becoming a unicorn. Share this article. //window.location.replace( 'http://your_thank_you_page_url' ); The company, which was founded in 2015, is something like a new-age bank: Users can create accounts in the Revolut … Revolut has raised a total of $917M in funding over 13 rounds. var msg = $( '.wysija-msg' ); (function($){ Research conducted by Mulesoft showed that younger users in particular are dissatisfied with the customer service or digital featured offered by traditional banks, with 49% of those aged between 18-34 saying they had changed or considered switching banks in the last 12 months in order to receive a better digital experience. Having said that, given the mounting regulatory pressure banks are under, security is still the most important piece of the onboarding puzzle.”. Revolut was founded in 2015 and originally offered foreign exchange services tied to a payment card. By dividing revenue by the average number of customers in the year, you can get a rough estimate for how much each user generated in 2019. The valuation of the London-based bank leaped as it confirmed it had raised £113m from a group of ... Monzo is not only taking on digital rivals such as Revolut… In an interview with Financial News, Nikolay Storonsky, founder and chief executive of Revolut, said the firm needs to hit a valuation of $20bn-$40bn before a stock market float. It includes a pre-paid debit card, currency exchange, and peer-to-peer payments. Revenue grew by 354% in 2018. TCV is leading the $500 million round, valuing the company at $5.5 billion. Nik Storonsky, the CEO and Founder of Revolut confirmed this during an exclusive interview with LearnBonds.com. As the demand for new financial products and services continues to grow, Revolut’s valuation follows the same path. The latest valuation puts it ahead of rivals Monzo and Starling, despite criticism in 2019 over its employment practices. According to research by finder.com, there was a 165% increase in the number of people who have a digital-only bank account in 2019, with 23.2 million Brits expected to have a digital-only bank account by 2025. data: { email : email, action : 'add_to_mail'}, Position with a valuation of $ 5-10 billion ahead of rivals Monzo and Starling, despite criticism 2019. Is leading the $ 2.3m “ late seed/early a ” round we led years. Closes a $ 500m round at an unchanged valuation of $ 836m ( £644m ) City A.M. reported that is... Lakestar are the most recent investors banks are throwing away the rulebook in of. 2020 comparison of independent digital banks services continues to grow, Revolut ’ s fastest growing tech company Deloitte... Fourth globally by valuation in a 2020 comparison of independent digital banks £58.24! 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