London’s fintech startup Revolut has smashed onto the unicorn stage with its latest $250m investment, which values the challenger bank at around $1.7bn (£1.2bn).
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Revolut’s fundraising takes them into the coveted realm of billion-dollar startups, nicknamed “unicorns” because they are so rare. This comes off the back of a $66m fundraising completed under a year ago last July, and constitutes a meteoric rise for the fintech startup.
It also shows they are pulling ahead of their closest FinTech Challenger Bank rivals, such as Monzo, Starling Bank and Atom. In our analysis of 2017, we noted that their financials indicated they were on a stronger footing than their closest competitors. This appears to have been born out in their race for cash and growth.
The money will reportedly be used to target expansion in developed regions of the Anglosphere. Following this round, chief exec and founder Nik Storonsky hopes they will not have to raise for another two years (if at all). Indeed, as was widely reported in the press, Revolut broke even just a few months ago in Feb – not bad considering they started up in 2013.
As a billion-dollar startup which was founded this decade, the company can now count itself as part of an even more elite cohort of seven British businesses: