London’s biggest fintech Revolut has been valued at $75 million (£57 billion) after completing a share sale that makes it worth more than high street giants Barclays and Lloyds.
The sale brought in new funding from a range of investors including NVentures, the venture capital arm of AI giant Nvidia, the world’s most valuable company.
The transaction was led by US investors Coatue, Greenoaks, Dragoneer, and Fidelity Management & Research, with participation from a “broad group” of institutions including Andreessen Horowitz (aka a16z), Franklin Templeton, and T. Rowe Price Associates.
Staff were given the opportunity to sell their shares as part of the transaction.
Revolut, which is headquartered in Canary Wharf and has more than 65 million customers worldwide, including 12 million in the UK, has the stated ambition to “build the world's first truly global bank.” It aims to have 100 million retail customers by mid 2027.
In September the company committed to £10 billion of investment over five years to drive its expansion, including a £3 billion commitment to the UK supporting over 1,000 new jobs in the market.
Landmarks this year include final banking authorisation and imminent launch in Mexico, winning a banking incorporation licence in Colombia, and upcoming launch in India.
Revolut’s CEO and co-founder Nik Storonsky, said: “This milestone reflects the remarkable progress we have made in the last twelve months towards our vision of building the first truly global bank, serving 100 million customers across 100 countries. I’d like to thank our team for their determination and energy, and for believing that it is possible to build a global financial and technology leader from Europe.”
CFO Victor Stinga said: “The level of investor interest and our new valuation reflect the strength of our business model, which is delivering both rapid growth and strong profitability. We welcome onboard a series of world-class investors and look forward to working with them for the next stage in Revolut’s evolution.”
Last year Revolut's revenue grew 72% to $4 billion, while pre-tax profit before tax increased 149% to $1.4 billion.
Nik Storonsky co-founded Revolut with Vlad Yetsenko in 2015 in the Canary Wharf tech hub of Level39.
This article was written by Jonathan Prynn from The Evening Standard and was legally licensed through the DiveMarketplace by Industry Dive. Please direct all licensing questions to legal@industrydive.com.