The Revolut platform, which launched in beta in 2016, is now available in the US, UK, Germany, and Italy. It’s a mobile app that lets you find, book, and pay for a wide range of travel services. The app has over 21 million users in over 190 countries. To celebrate the launch, Revolut announced that it has received an investment from Softbank, which has led to an $800 million round of funding.
Revolut is a UK-based digital banking app that lets you pay and save using more than 200 currencies and offers a cryptocurrency exchange too. It also offers a prepaid card that allows you to load cash onto the card and use it to withdraw money from ATMs. The Revolut app is available on Android, iOS and the web.
Revolut, a major UK banking app with capabilities to invest in cryptocurrencies, has secured $800 million in a new funding round.
The new investment round was led by Japanese financial giant SoftBank and US hedge fund Tiger Global, which together own about 5 percent of Revolut, CNBC reported Thursday.
The round values Revolut at $33 billion, six times the company’s 2020 estimate of $5.5 billion. The latest funding will help Revolut continue its international expansion and improve marketing and product development, said Mikko Salovaara, Revolut’s CFO. He said the company is focusing on launching services in the US and India.
This latest round of funding would make Revolut the second largest fintech unicorn in Europe, behind Swedish fintech Klarna. It has also become the largest fintech in the UK, overtaking Checkout.com as the largest payments company.
Despite Revolut’s tremendous growth over the past year, the company has no plans to go public. Salovaara said Revolut had not ruled out the possibility of an IPO this year, but considered it unlikely.
Revolut did not immediately respond to Cointelegraph’s request for comment.
Related: Revolut enters the first non-English speaking market in Japan
Revolut posted an annual loss of nearly $240 million last year, down from $140 million in 2019. Revolut CEO and co-founder Nick Storonski had previously said that the main reason for the increased losses in 2019 was aggressive investments in global expansion and new product offerings. Revolut will continue to expand into new services like cryptocurrencies and stock trading to become profitable in the long run, the company’s CEO said recently.