$500m raised

Revolut becomes most valuable fintech startup

Martin Gilbert

Martin Gilbert: chairman of new bank (pic: Terry Murden)

Digital bank Revolut has become the UK’s most valuable financial technology startup after a funding round more than tripled its value to £4.2 billion.

The bank, chaired by outgoing Standard Life Aberdeen executive Martin Gilbert, raised $500m (£387m) from a group of investors led by the US fund Technology Crossover Ventures.

Some existing investors are also participating in today’s funding round, but Revolut has not said which ones. Previous investors include DST Global, Index Ventures and Balderton Capital.

Revolut was previously valued at £1.3bn and has grown rapidly since its launch in 2015 with a pre-paid card product focused on offering free currency exchange to customers.

It has expanded into current accounts, business banking, cryptocurrency and stock trading, and has 10 million customers worldwide. The total number of users has grown by 169% in 2019 and daily active customers by 380% over the same period.

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