Digital bank Revolut becomes London's latest fintech unicorn

Digital bank Revolut becomes London's latest fintech unicorn”

Financial technology firm Revolut said on Thursday its valuation had jumped by five times in a year to $1.7 billion at its most recent funding round, making it the first of Britain's digital-only banks to reach unicorn status. The company broke even in December and said in that month, transaction volume surged to $1.5 billion, a 700 percent increase in the previous 12 months.

The company's expansion will see the platform move to the United States, Canada, Singapore, Hong Kong and Australia in 2018.

The latest investment increases Revolut's valuation by 500pc in a year to $1.7bn.

The funding round was led by Hong Kong-based DST Global, with new and existing investors including Index Ventures and Ribbit Capital also taking part.

Co-founded in 2013 by Nikolay Storonsky and Vlad Yatsenko, Revolut provides a secure, mobile-based current account that allows users to hold, exchange and transfer without fees in 25 different currencies. It also plans to launch Revolut Platinum, which it describes as "a radically better solution for everyday banking", though no further details are offered save for the fact it will come with a a bespoke contactless card made entirely from stainless steel and coated with a custom shade of metallic black paint.

Nik Storonsky is the founder and chief executive of Revolut
Nik Storonsky is the founder and chief executive of Revolut

Pay-per-day geolocation travel insurance and disposable virtual cards are just two new offerings from the online bank this year.

Revolut, which is in the process of securing a banking license and now offers its almost two million users a pre-paid card, app and cheap foreign exchange, said it had raised $250 million in its third funding round, well above the $66 million it raised last July.

In a statement during the announcement, Storonsky said: "Our focus, since we launched, has been to do everything completely opposite to traditional banks".

Among the other new features it has rolled out are the the ability to instantly buy and sell cryptocurrencies, and a savings feature that lets customers round up their daily transactions and save their spare change in a digital vault.

"We build world class tech that puts people back in control of their finances, we speak to our customers like humans and we're never afraid to challenge old thinking in order to innovate". He added, "We are delighted to support Nik and the Revolut team as they continue to innovate, roll out new services and expand geographically".

More news: EPS for Jacobs Engineering Group Inc. (JEC) forecasted at $0.88

Like this



30 April 2018
Browns start round two RB run with Nick Chubb
With Joe Thomas opting to retire, Corbett will immediately bring depth at a crucial spot for the AFC North club. Corbett, the 6 foot-4 tackle was the first player taken in the second round of the draft on Friday evening.

29 April 2018
Sabra Health Care REIT, Inc. (SBRA) EPS Estimated At $0.61
Bahl & Gaynor Inc decreased Abbott Laboratories (NYSE:ABT) stake by 65,563 shares to 3.35 million valued at $191.36M in 2017Q4. Below is a list of Sabra Health Care REIT, Inc. (NASDAQ:SBRA) has declined 38.98% since April 27, 2017 and is downtrending.

29 April 2018
Indian Navy plane develops snag, crash-lands on test flight in Russian Federation
While the Indian crew is present in Russian Federation , they were not onboard the aircraft when the incident took place. An II-38 plane of the Indian Navy made an emergency landing in an airfield just outside Moscow late on Saturday night.

29 April 2018
Palisade Asset Management LLC Sells 3660 Shares of Verizon Communications (NYSE:VZ)
It dropped, as 63 investors sold PEP shares while 712 reduced holdings. 122 funds opened positions while 542 raised stakes. Finally, Bristol Advisors LLC purchased a new stake in Verizon Communications in the 4th quarter worth about $3,964,000.

29 April 2018
$0.77 EPS Expected for Toll Brothers, Inc. (TOL)
The Trinity Street Asset Management Llp holds 650,819 shares with $31.25 million value, down from 1.13 million last quarter. The positive are 64%. 20 are the (NYSE:TOL)'s ratings reports on April 28, 2018 according to StockzIntelligence Inc.

29 April 2018
Mobile US Inc Institutional Investor Sentiment Worsened in Q4 2017
Following the completion of the sale, the executive vice president now owns 68,168 shares in the company, valued at $4,160,974.72. On Monday, March 19 Cowen & Co maintained T-Mobile US, Inc. (NASDAQ: TMUS ) on Thursday, February 8 with "Buy" rating.

29 April 2018
Despite NHS shortages: Home Office blocks visas for 100 Indian doctors
She said any Tier 2 applications - as they are known - which are refused in oversubscribed months could reapply in future ones. Danny Mortimer, chief executive of NHS Employers, said he had heard of another 400 cases of blocked visas since December.

29 April 2018
Summary of Calpine Corporation (NYSE:CPN) Ratings as of April 27, 2018
Therefore 80% are positive. 3 are the (NYSE:CPN)'s ratings reports on April 28, 2018 according to StockzIntelligence Inc. CPN underperformed by 11.55% the S&P 500. (NYSE:CPN) last issued its quarterly earnings results on Friday, October 28th.

29 April 2018
'I could be president': Kanye raps about Trump, Obama on new track
However, there is no bad blood after the two's heated exchange as they both were seen dancing together at the after party. Upon realising that West was publishing his texts online, Legend jokingly gave himself some shameless self-promo.

29 April 2018
Truth Hurts: Japan Demands Manila Statue Honoring WW2 Comfort Women Taken Down
Japanese nationalists insist that the so-called "comfort women" were not sex slaves because they chose to serve as prostitutes. But some refused the payments and have requested an official apology and compensation from Japan.