Revolut, which was founded by Russian entrepreneur Nikolai Storonsky, attracted investments in the amount of $ 800 million. The investment round was led by the Japanese holding company SoftBank and the American investment Tiger Global Management. As a result, the company’s valuation reached $ 33 billion, while last year this figure was at the level of 5.5 billion.
After the investment round, which took place this Thursday, Revolut became the second largest fintech “unicorn” in Europe, behind only the Swedish Klarna (note – its estimate is $ 45.6 billion). It is reported by the American television channel CNBC.
Revolut will use the funds raised for product development, marketing and international expansion, the channel notes with reference to the financial director of the firm Mikko Salovaar. Today, the company is focused on accelerating growth in the US and India, he said.
The management of a fintech startup is betting on new services, including operations with cryptocurrency, stock trading, and opening current accounts for businesses. All this will help the company become profitable in the long term, Nikolai Storonsky is quoted as saying by CNBC.