The company has had preliminary discussions with investors about the fundraising, although no final decisions on the timing or amount have been made, the people said, asking not to be identified as deliberations are private. . A representative for Revolut declined to comment.
Revolut CEO Nikolay Storonsky said in an interview with Bloomberg this month that the company is considering further fundraising, but refused to discuss further. Sky News reported in April that Revolut was seeking a valuation of more than $ 10 billion.
New money would increase London-based Revolut’s valuation several times over in a 2020 fundraiser when the digital banking company raised $ 500 million, which gives it a value of $ 5.5 billion. The new valuation would make Revolut the UK’s most valuable startup, surpassing Checkout.com’s $ 15 billion mark.
Revolut, which provides digital banking services through an app, is part of a wave of attracting fintech startups multi-investor valuations in billions of dollars.
Swedish startup Klarna Bank AB, which allows online customers to pay for their purchases in installments, raised cash to a valuation of $ 45.6 billion this month after a series of funding rounds that more than quadrupled its valuation in less than a year. In April, San Francisco-based Plaid raised new funding at $ 13 billion valuation, just months after $ 5.3 billion deal with Visa fell through.
Revolut, founded in 2015, has around 15 million individual customers and 500,000 professional customers for its products, which include bank accounts, international money transfers, cryptocurrencies, and stock trading as well as bill paying and budgeting tools.
Adjusted revenue in 2020 increased 57% to 261 million pounds ($ 362 million), but operating losses doubled to 201 million pounds as its rapid expansion resulted in higher costs of staff.
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