Revolut among European start-ups: a valuation of 10 billion dollars

BDespite their success, financial technology companies like Revolut have had to deal with growing difficulties. In February, The daily telegraph revealed for the first time that part of Revolut's new sanctions filtering system was deactivated between July and September 2018. No sanctioned transactions took place during this period, since a parallel system remained in place.

The start-up also had to deal with questions about its internal culture and complaints to the Advertising Standards Authority about advertising billboard claims.

While some investors have questioned the value of young financial technology companies, Mr. Cook said, "The game has changed: how to build unicorns? [companies valued at $1bn] How do we build $ 50 billion worth of businesses? Fintech is one of those categories where we can do it.

"Barclays has 25 million customers. The idea that N26 or Revolut could continue to be the size of Barclays, it seems to me credible. "

Mr Cook said that many European start-ups, such as the Romanian company UiPath and London-based Transferwise, benefited from growing European investment in the advertising market.

N26, a German rival from Revolut in which Draper Esprit also invested, recently raised an additional $ 170 million worth $ 3.7 billion.

At the same time, established banks have launched their own brands to stem the rise of challengers. Goldman Sachs had the greatest success by launching its Marcus banking application and enrolling 250,000 customers in eight months.

Revolut has announced plans to raise $ 500 million this year, an agreement that could bring in more than $ 5 billion. The Japanese investment giant, Softbank, confirmed Friday that it raised $ 108 billion for its new technology investment fund. The telegraph reported in May that no formal proposal had been made.

Revolut is expected to aggressively expand globally with new funding. This will include a launch in India in the coming months, as Revolut 's hiring operations managers will target the 1.4 billion dollar market. He also announced its launch in the US this summer.