Britain’s revolut wordt fintech company gets $ 800m raise: mutual understanding

Popular neebank and crypto trading app Revolut have raised $ 800 million in a round led by Tiger Global Management and the SoftBank Vision Foundation. According to today’s Sky News report, Revolut’s ranking has risen by $ 33 billion—the highest ranking for a fintech company in the UK. 

The company offers many of the same traditional banking services you might find in your local traditional organization, but in a smartphone app. In addition to these services, Revolut has also been paying great attention to cryptocurrencies in recent October. 

Revolut October adds four cryptocurrencies, including Tezos, EOS
First released in 2018, users can buy and sell the best crypto systems, such as bitcoin and Ethereum, directly in the app. In May 2021, the company announced that it would allow its users in the UK to transfer their Bitcoins to another third-party portfolio, such as Ledger or Trezor. Earlier this month, it launched trading Dogecoin, one of the most popular coin memes on the market. 

The company reportedly has a cryptocurrency on its balance sheet, as Revolut’s financial reports recorded a fair value gain on its cryptocurrency assets last month. 

Revolut’s steps to satisfy an audience interested in crypto appear to be doubling down on the industry’s breakthrough by 2020. The steady rise in cryptocurrency prices after the March crash brought in $ 45 million, according to CNBC. 

Revolut leads London’s fintech scene
Still, the $ 800 million infusion of investment giants SoftBank and Tiger Global looks exorbitant even by today’s foam standards. Sky News expected a valuation of $ 15 billion, while Bloomberg expected a valuation of $ 20 billion.

The new rating now makes Revolut the most valuable fintech company in the UK. Wise, who previously worked with Transferwise, received a direct listing on the London Stock Exchange worth $ 12bn. Monzo, a direct rival to Revolut, has a much lower ranking of $ 1.7 billion. 

Neither wise nor Monzo are involved in cryptography.

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