Revolut Becomes Most Valuable Financial Technology Company in UK

UK Financial Technology Company

Founded in 2016, Revolut recently became the United Kingdom’s most valuable Fintech.

This has happened after the company’s 37-year-old founder, Nikolay Storonsky successfully raised $800 million from investors. This brought the company’s value to a total of $33 billion, making it the most valuable financial technology in the country.

The founder currently owns over 20% of the company, which has a net worth of $7.1 billion. This is a clear increase from the $1.1 billion that Storonsky’s shares were worth in March 2020.

From a contribution point of view, the two main investors in this recent funding session have been Softbank Vision Fund and Tiger Global Management. Both companies focus on investing in technology and fintech.

Storonsky stated that the contributions from the two investors are considered an endorsement of his company’s objective of creating a “global financial super-app” that would essentially offer users all of the tools and services necessary for them to manage their finances. This objective appears to be in reach as the value of Revolut has risen by 600% since it was valued at $5.5 billion in February 2020.

The company has been successful despite an ongoing trend of losing money in an attempt to develop its infrastructure and reach more users from across the world.

revolut, a financial technology company. Image by Lorenzo Cafaro from Pixabay
Revolut, a Fintech company. Image by Lorenzo Cafaro from Pixabay

The potential of the UK’s most successful Fintech

The senior investor at Softbank, Karol Niewiadomski, stated that “Revolut’s rate of innovation has redefined the role of financial services, placing [Revolut] at the forefront of Europe’s nascent neo banking sector.” It is expected that the company will continue to grow over the years to come and already has considerable expansion plans in place.

Revolut is planning to use the recently received funding to expand the services that it already offers to users in the United States. The company is also moving to enter several new markets from across the world, such as India.

Despite the fintech’s large expenditures meant to help attract more users, Storonsky has mentioned that Revolut is “now actually 50 per cent ahead in terms of revenues compared to pre-COVID levels.” This has helped reassure investors that the company’s revenues are still growing with each passing fiscal quarter.

The recent developments in blockchain technology have helped boost fintech companies up to the point where some are preparing to transition from financial intermediaries to fully-fledged digital banks.

Ever since the Global Financial Crisis, banks have made it more difficult for small and medium-sized businesses to get good deals on loans and financing solutions. This has also driven many entrepreneurs to look for new, more efficient banking and financial administration platforms.

Fintech companies have offered the best possible solution to date, by creating services and products that are suited for a wide range of clients and users.

Hot this week

Did David Wineland and Serge Haroche Steal Idea For The Nobel Physics Prize?

Dr. Omerbashich says the Royal Swedish Academy is a Crime Scene and he has the proof that Nobel laureates stole his discovery.

New Approaches to Disaster Relief Challenges

Disaster relief has always been a challenge. NASA, Google,...

3 Legitimate Money Making Methods to Supplement Your Income

In a perfect world, when your landlord raises your...

2016 Predictions by World Renowned Medium and Psychic Lindy Baker

World renowned medium and psychic Lindy Baker is interviewed by The Hollywood Sentinel, discussing psychic power, the spirit world, life after death, areas of concern in 2016, and much more.

Digital Coupon Customers Spending More Than Double At Stores

A new study shows that customers who use digital coupons go shopping more for groceries and other household goods more often and spend more on their shopping trips.

Is Generative Engine Optimization (GEO) Really the Future

Is Generative Engine Optimization (GEO) Really the Future? Everything...

Kanat Kopbayev and the Next Generation of Leadership in Central Asia: A Kusto Group Perspective

Kanat Kopbayev, through his strategic role at Kusto Group, has been instrumental in nurturing young leaders to meet the demands of today’s business world.

Designing the Perfect Control Room: Essential Features and Modern Trends

Key Takeaways Discover the fundamental aspects of creating an...

The Five Leading Tech Marketers in Israel

Israel’s high-tech sector has earned its place as a...

Lies And Deception Is Hamas Victory

Hamas is the manipulation master of Westerners' minds. They learned well how the West thinks [or does not] and they manipulate the West to concede to them. A Hamas victory is not what Westerners would expect.

Peer Review Under Pressure: Scientists, Journals and the Struggle for Trustworthy Research

Peer review under fire: critics say it’s flawed, slow and biased. Replication may offer a better test — but it’s still rare.

Legendary Peace Tour: Top African Former Professionals to Arrive in Somalia

Somalia prepares to welcome three of Africa’s most senior football legends; Jay-Jay Okocha, {Nigeria} Emmanuel Adebayor {Togo} and Samuel Eto'e {Cameroon}

Myocarditis Risk From mRNA Vaccines Called “Well Documented” in Major New Review

A major new review urges withdrawal of mRNA COVID vaccines, citing high myocarditis risk in young men and calling for urgent action.

Related Articles

Popular Categories