Tech

Revolut confirms a fresh $800M in funding at a $33B valuation to supercharge its financial services superapp – TechCrunch

FinTech financing is progressing rapidly as a result of major changes in the way consumers spend and manage their money. In the latest development Revolut — London-based financial “SuperAppli”. We provide banking, investment, currency transfers and other money management services to approximately 16 million users worldwide — we confirmed that we have raised $ 800 million this morning. According to the company, this Series E funding round rates Revolut at $ 33 billion.

This makes Revolut the UK’s most valuable fintech and one of the largest privately-backed scaled-up startups in Europe and around the world. It also follows in the footsteps of Sweden’s now-buy startup Klarna, diversifying into a wide range of other services for consumers and businesses that integrate them.Clarna Raised $ 639 million last month Worth just under $ 46 billion.Striped in the US earlier this year Raised at a valuation of $ 95 billion..

This latest Series E is co-led by SoftBank Vision Fund 2, which appears to be the only supporter of the round, and Tiger Global.It comes shortly after Rumors earlier this month Revolut grew up big. Revolut last occurred about a year ago. Series D ended with $ 580 millionBut what’s amazing is how much its valuation has changed and has grown six-fold since then (it was $ 5.5 billion last year).

“SoftBank and Tiger Global’s investments support our mission to create a global financial superappli that allows clients to manage all their financial needs through a single platform,” founded Revolut. Nikolay Storonski, CEO and CEO, said in a statement.

As a further reference, Revolut Report last month’s 2020 financial figuresThe fiscal year’s revenue was $ 361 million (£ 261 million), an increase of 57% from $ 229 million (£ 166 million) in 2019. Gross profit last year was $ 170 million (£ 123m), but it still operates with a net loss, with adjusted operating loss of $ 76 million (£ 55m) in the first quarter of 2020. It was $ 277 million (£ 260 million). ) Full-year operating loss. In other words, the huge amount of money currently in place and this huge amount of valuation is a long-term bet.

Revolut currently has over 16 million customers and over 150 million transactions per month. The plan will expand its foundation and offer a wider range of services and promotions to allow users to spend more money and time on their apps. .. This includes research in new areas such as insurance, in-depth investment and transaction research, and a significant increase in credit services, which has become a major growth engine for other online banks and financial tech companies. .. Revolut also said it would do more to build a user base in the United States and India.

Like other “neobanks” that have emerged in recent years, Revolut is built on the idea of ​​leveraging the banking and financial services infrastructure that has already been built. Used via API Then integrate into that service. Second, Revolut focuses on creating sophisticated, user-friendly experiences both in-app and in customer service.

Therefore, the focus of the technology is to improve the personalization of services and create new non-commoditized tools such as budgeting tools and other financial management features.

In a statement, Tiger Global partner Scott Shleifer believes that Revolut’s focus on superior customer experience and rapid product development puts the company in a strong position to continue expanding in both existing and new regions. I will. ” “We are pleased to partner with the Nik and Revolut teams in building the next generation of financial services.”

Not only does this make digital services more comfortable to use, but it is especially appealing to young users who are inexperienced in all aspects of finance.

But it’s interesting to see if Revolut is a way to bring more core financial infrastructure to your app, or if embedded finance is the most reigning.

In the meantime, investors believe there is plenty of room to develop technology with the current model.

“Revolut’s innovation rate redefines the role of financial services and [Revolut] At the forefront of Europe’s early neo-banking sector. The company’s rapidly growing user base reflects the sustained demand for Revolut’s expanding suite of services, “Karol Niewiadomski, senior investor at SoftBank Investment Advisers, said in a statement. “We look forward to Nikolai and the team supporting ongoing product innovation and bringing their services to new markets around the world.”

Revolut confirms a fresh $800M in funding at a $33B valuation to supercharge its financial services superapp – TechCrunch Source link Revolut confirms a fresh $800M in funding at a $33B valuation to supercharge its financial services superapp – TechCrunch

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