Revolut, a major UK banking app featuring cryptocurrency investments, has received US$800 million in a new round of financing.
The new round of investment is led by Japanese financial giant SoftBank and American hedge fund Tiger Global. The two companies jointly hold approximately 5% of the shares in Revolut and CNBC. Report Thursday.
Revolut is valued at US$33 billion in this round, which is a six-fold increase from the company’s 2020 valuation of US$5.5 billion. The newly obtained funds will help Revolut continue to expand internationally and further improve marketing and product development, Mikko Salovaara, Revolut’s CFO, well-known. He added that the company is particularly focused on launching services in the United States and India.
According to reports, the latest round of financing makes Revolut the second largest fintech unicorn in Europe after Swedish fintech company Klarna. It is now also the largest financial technology company in the UK, overturning the main payment company Checkout.com.
Although Revolut has achieved substantial growth in the past year, the company has no immediate plans for an initial public offering. Salovaara said that Revolut does not rule out the possibility of an IPO this year, but said it is unlikely.
Revolut did not immediately respond to Cointelegraph’s request for comment.
Revolut reported an annual loss of nearly $240 million last year, which is higher than The company lost $140 million 2019. Nik Storonsky, CEO and co-founder of Revolut, previously stated that the main reason for the increase in losses in 2019 was the active investment in global expansion and the supply of new products. The CEO recently stated that Revolut will continue to expand into new services such as encryption and stock trading to achieve long-term profitability.