Key message: Revolut, the popular banking app for cryptocurrency trading, has raised $800 million in a new round of funding. The round was led by SoftBank’s Vision Fund and Tiger Global. The raise brings company’s valuation to a whopping $33 billion, the highest valuation for a fintech company in the UK.
Revolut as a traditional bank
Revolut provides many traditional banking services in a mobile app. In recent years, you can also find services for cryptocurrencies. It was launched in 2018. Users can buy and sell cryptocurrencies directly in the app.
In May of this year, this company announced the ability to withdraw Bitcoin cryptocurrency to third-party wallets for its UK clients, and recently it has also listed Dogecoin, one of the most popular memecoins on the market. The company’s interest in cryptocurrencies seems to be paying off, with the deal netting the bank $45 million last year alone.
Revolut is now the most valuable fintech company in the UK. Direct competitors have entered the London Stock Exchange with much smaller valuations and do not support cryptocurrency trades.