Revolut Ltd. is in the early stages of a fundraising round that could value the British company at $20 billion or more, people familiar with the matter said, as investor cash pours into fintechs. The company has held preliminary talks with investors about raising funds, though no final decisions about timing or amount have been made, the people said, asking not to be identified because the deliberations are private. A representative for Revolut declined to comment.
Revolut Chief Executive Officer Nikolay Storonsky said in an interview with Bloomberg this month that the company is looking at further fundraising but declined to discuss further. Sky News reported in April that Revolut was seeking a valuation of more than $10 billion.
The new money would increase London-based Revolut’s valuation several times over a fundraising round in 2020, when the digital banking services company raised $500 million, giving it a value of $5.5 billion. The new valuation would make Revolut the U.K.’s most valuable startup, surpassing Checkout.com’s $15 billion mark.
Revolut, which provides digital banking services via an app, is part of a wave of fintech startups attracting multi-billion-dollar valuations from investors.
Source: FXPro