Revolut’s Valuation Jumps 45% Thanks To Investor Backing
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UK-based fintech company is injecting $100 million into Mexico as it seeks to benefit from the profitable Latin American remittance market. This comes as an investor injected more funds into the financial services giant.
Schroders Capital Global Innovation Trust has revised its minor investment in Revolut upwards by 45%, raising it from £5.44 million to £7.88 million. The adjustment shows that Revolut’s valuation now stands at $25.7 billion, compared to $17.7 billion last year.
Revolut Intends To Offer A Diverse Array Of Financial Services And Products
The Trust’s investment is still below its value of £10.1 million as of December 2021, when Revolut was worth $33 billion. Furthermore, the company has swiftly made use of its newly obtained Mexican banking license.
During an interview, National Director Juan Miguel Guerra Dávila revealed that $100 million will be used to maintain a healthy cash reserve, cover expenses and short-term debt, and hire staff.
Revolut is seeking to gain a considerable portion of the massive international money transfer market in Mexico – valued at approximately $63 billion last year – but underscores its intention to offer a diverse array of financial services and products.
Revolute made its Mexico debut twelve months after it started operating in Brazil. The financial service giant introduced a worldwide account featuring remittance and foreign exchange features in 27 currencies.
Revolut Seeks To Revolutionize Banking And Finance
Headquartered in London, Revolut is a global neobank firm designed to conduct financial activities. It was established in 2015 by two friends, Vlad Yatsenko and Nikolay Storonsky. It offers lots of services for customers. Its services include Apple Pay, virtual cards, banking services, debit and credit cards, currency exchange, and other services.
The company got a full license from the European Central Bank in December 2021. Now, Revolut banking services are available in 30 nations.
In November 2020, Revolut was making just enough money to cover its costs, generating about £4.2 in valuation. With this increase, Revolut became the most valuable fintech firm in the UK.
In July 2021, some investors supported the firm with over $800 million, which increased the firm’s valuation to $33 billion. The funds injection made Revolut the most valuable tech startup in the UK at the time. In 2022, client deposits at Revolut amounted to £12.6 billion ($15.5 billion).
By December 2023, Revolut had more than twice as workers. The firm has over 7,500 workers in more than 25 countries.
Revolut Bank UAB, a subsidiary of the European Economic Area, is regulated and licensed by the Bank of Lithuania in the European Union. The depositor’s money is safe because it’s protected by insurance from the Lithuanian State Company Deposit and Investment Insurance.
