Revolut (a fintech application) has gathered nearly $800 million via the new funding round. The total value of the firm has increased up to $33 billion after this raise. Considering this scenario, Revolut is, presently, considered the United Kingdom’s largest amount-making fintech firm.
The announcement of the mega-raise
The fintech application Revolut, which offers investment, insurance, trading, and saving services for cryptocurrency, has to turn into the biggest fintech organization in the United Kingdom.
Recently, an amount of $800 million has been raised by the company through the latest funding round conducted by Tiger Global Management and Vision Fund 2, which both come under the umbrella of SoftBank. The overall valuation of the organization has touched $33B. The company has gathered $500M being at the valuation point of $5.5B during the second month of 2020. It infers that the commencing valuation of the firm has spiked up to six times greater in 18 months.
The primary significance of Revolut is that it provides services for savings accounts, although it has taken measures to accept crypto during the previous months. It made a declaration in May that its customers would be allowed to withdraw cryptocurrency into their wallets as well as the range of the supported tokens have also broadened (including those which provide Layer one such as SOL, DOT, DOGE, ETH, and BTC, adding ‘DeFi’ staples like YFI, AAVE, UNI, and SNX.
There are nearly 15 million individual consumers and 500,000 business consumers attached with Revolut. However, in 2020, it noticed losses of approximately $278M, which meanly dealt with the collection of staff costs acquired from an immediate development. The application is accessible in 35 countries, including the United Kingdom. Revolut owns a banking license provided by the European Union; however, it has to wait for receiving a similar approval from the United Kingdom.
The outbreak of mega-raises
This funding round has come between a flood of raises in the crypto and fintech spaces. Mercado Bitcoin, a Brazilian exchange of cryptocurrency, recently succeeded in making an amount of nearly $2.1B, preceded by a landing of $200M investment by SoftBank. Simultaneously, Ledger (an application for hardware wallet) has reached $1.5B following the raising of approximately $380M. The team Solana Labs which is at the back of the rapidly progressing blockchain, has recently accomplished a token sale spanning the worth of $314 million.