Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

British fintech Revolut on path to $10 billion valuation with new funding - Sky News

Published 17/04/2021, 14:06
Updated 17/04/2021, 14:10
© Reuters.

© Reuters.

(Reuters) - Digital banking app Revolut is on track for a new fundraising that will value the company at more than $10 billion, Sky News reported on Saturday.

The London-based financial technology startup is lining up FT Partners, a U.S.-based fintech-focused investment bank, as its adviser on the new funding, which is expected to take place after the summer, the report added.

Revolut declined comment on what it said was speculation.

The company, which raised $500 million in a funding round at a valuation of $5.5 billion in early 2020, has established a presence in more than 35 countries.

The company, which provides bank accounts via its app, has attracted more than 15 million retail customers since its launch in 2015 with a range of money management tools, including a debit card connected to an app that allows users to spend different currencies at the interbank exchange rate with low fees.

Revolut said last month it had completed the first step to apply for a U.S. banking license that would allow it to offer more services to U.S. customers such as overdraft protection, loans and deposit accounts.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.