Revolut set to fetch 24bn pound valuation at funding round, Sky reports
By Alexander Bueso
Date: Thursday 15 Jul 2021
(Sharecast News) - A fund raising round is set to turn Revolut into the most valuable fintech company in Britain ever.
Later the same day, the banking and payments app was set to announce a £577m fundraising round led by Softbank's Vision Fund and Tiger Global Management which would value the firm at approximately £23.76bn, Sky News reported.
In early July, a spokeswoman for Revolut labelled a similar Sky News report as "not true" and "premature".
Strikingly, in mid-April, Revolut shareholders had reportedly been expecting a valuation nearer to between £7.2bn-10.8bn.
Swedish fintech Klarna recently raised £32.84bn from investors, likely aiding Revolut in its own efforts to raise capital.
The previous May, Revolut posted a loss of more than £200m for 2020, but said it had been profitable during the last two months of that year.
In parallel, the mooted valuation for Revolut would mean that its value had multiplied by a factor of six over the preceding year.
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