Revolut, the 10-year-old London fintech company, is now the most valuable private firm in Europe.
The company
announced on Monday that it had completed a share sale at a $75 billion valuation—quite the premium on the $45 billion valuation it enjoyed last year.
Participants in the sale included Andreessen Horowitz, Coatue, Dragoneer, Fidelity, Franklin Templeton, Greenoaks, the Nvidia venture arm NVentures, and others.
The startup didn’t disclose how much it raised in the sale.
The new price tag puts Revolut well ahead of highly valued peers Checkout ($40 billion, payments, London), FNZ ($20 billion, fintech, London), Mistral ($14 billion, AI, Paris), Helsing ($14 billion, defense tech, Berlin), and Celonis ($13 billion, enterprise software, Munich).
Revolut has ambitious plans to take its digital banking services across the globe. Today, it has about 65 million customers who use it for checking and savings accounts, international money transfers, crypto and stock trading, and more; it hopes to super-size that figure to 100 million through its entry into “30 new markets in almost every major geography,”
as Bloomberg puts it.
That’s not to say there isn’t unfinished business at home. CEO Nik Storonsky has made it clear that the company desires a full banking license in the U.K., even if regulators remain concerned about how its global ambitions will affect its risk management structure.
—AN