News
Revolut raises £385m to become one of the world’s highest valued fintechs
The cash injection, which came from a group of investors led by US-based growth capital firm TCV, means the business is now valued at £4.2bn.
Revolut launched in 2015 with a prepaid currency card for travellers but has since branched into other areas including money transfer, stock trading and savings.
The firm said the new capital will be used to strengthen its core retail and business offering in existing markets, with a particular focus on product development that will help accelerate daily usage of accounts.
Future plans include lending services for retail and business customers, extending high interest savings accounts beyond the UK, further improving customer service and rolling out banking operations across Europe.
Nik Storonsky, founder and chief executive of Revolut said: “We’re on a mission to build a global financial platform – a single app where our customers can manage all of their daily finances, and this investment demonstrates investor confidence in our business model.
“Going forward, our focus is on rolling-out banking operations in Europe, increasing the number of people who use Revolut as their daily account, and striving towards profitability.”
Revolut has over 10 million customers globally.
Since launch, it has processed more than one billion transactions worth over $130bn.
There are 0 Comment(s)
Big flu jab price hikes this winter: Where’s cheapest if you can’t get a free vaccine?
Pharmacies, supermarkets and health retailers are starting to offer flu jabs ahead of the winter season, but t...
Is now the time to fix your energy deal?
Fixed energy tariffs all but disappeared during the energy crisis. But now they are back with an increasing nu...
Everything you need to know about the pension triple lock
Retirees are braced to receive another bumper state pension pay rise next year due to the triple lock mechanis...
What will happen if rates change
How your finances will be impacted by a rise in interest rates.
Regular Savings Calculator
Small regular contributions can build up nicely over time.
Online Savings Calculator
Work out how your online savings can build over time.
The best student bank accounts in 2023: Cash offers, tastecards and 0% overdrafts
A number of banks are luring in new student customers with cold hard cash this year – while others are compe...
DIY investors: 10 common mistakes to avoid
For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.
Mortgage down-valuations: Tips to avoid pulling out of a house sale
Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?
Money Tips of the Week
© AE3 Media Ltd, 21 Great Winchester Street, London EC2N 2JA, Company.