The company’s valuation increased sixfold – in 2020, it was $5.5 billion, and now it is $33 billion. As a result, Revolut became the most valuable fintech startup in the UK, and its co-founder, Ukrainian Vladyslav Yatsenko, became a billionaire.
The round was co-led by Japanese conglomerate SoftBank Vision Fund 2 and the US hedge fund Tiger Global Management.
According to Forbes, Yatsenko’s stake in the company after closing the round could be 3.87% and is now valued at about $1.3 billion.
The fresh funding will be used to develop and enhance products and services, their promotion, and international expansion, with a focus on growth in the US and India.
Revolut is a UK fintech startup launched in 2015 by Ukrainian Vladyslav Yatsenko and Russian Nikolay Storonsky. Its product is a neobank, a type of bank that operates exclusively online without traditional physical branch networks. In 2021, the company has over 16 million clients and 150 million transactions per month.
