Following Revolut’s latest funding round, its valuation has tripled to £4.2bn (US$5.5bn) making it the highest-valued fintech company in the UK.
Revolut has more than tripled in its valuation following the fintech’s latest funding round, where it raised £387mn (US$500mn). This places the fintech company firmly in the lead of the race for challenger bank dominance in the UK.
The round was led by US fund Technology Crossover Ventures, with Airbnb, Netflix and Spotify accompanying. Before this fundraising round the challenger bank was worth £1.3bn (US$1.67bn) in Spring 2018. This new valuation places Revolut firmly ahead of Monzo wich remains valued at $2.5bn.
Revolut offers several digital banking services, including a prepaid debit card, currency exchange service, cryptocurrency exchange and peer-to-peer payments. Everything is controlled through the Revolut App – available for iOS and Android – which supports spending and ATM withdrawals in 120 currencies, as well as sending directly from the app in 29 currencies.
One of Revolut’s biggest strengths is its refusal to charge fees on the majority of its services.
Simplicity and user experience are also key drivers for the company’s innovations. For example, accounts can be set up in a few minutes, budgeting and account management services are designed to be intuitive and easy to navigate, and there are a host of security-related options built in too.
Did you know? As of last week, open banking is now live for all UK Revolut customers.
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