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The news broke it morning that Revolut, a UK-based consumer fintech player, raised a Series E funding round worth $ 800 million for a valuation of $ 33 billion. These numbers are breathtaking not only because of their scale, but also because of their drastic divergence from Revolut’s previous fundraising event.
Sometimes The Exchange, TechCrunch’s markets and startups column, touches on two topics that are worth exploring in a single day. Today is such a day. You can check out our previous notes on the Startup Marketplace Buy Now, Pay Later, and Apple’s entry into the BNPL space here. Now let’s talk about neobanks.
Like TechCrunch Ingrid Lunden wrote earlier today regarding the news:
This latest Series E is co-led by Softbank Vision Fund 2 and Tiger Global, who appear to be the sole backers of this round. This follows rumors earlier this month Revolut was lifting big. Revolut last lifted about a year ago, when it closed a Series D at $ 580 million, but what’s astonishing is how much its valuation has changed since then, multiplying by 6 (it was $ 5.5 billion last year).
Superb indeed.
Lunden also reported on the development of the company’s financial position based on the 2020 results recently released by Revolut. In this entry, we dig deeper into those financial results and usage metrics detailed by the fintech megacorn.
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The image that emerges is that of a company whose financial image is improving rapidly, but with a few blank spaces regarding recent customer growth.
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