Is Revolut Worth $40 Billion?
Hey FinTech Fanatic!
Revolut has hired bankers to help it sell about $500 million worth of existing equity at a $๐ฐ๐ฌ ๐ฏ๐ถ๐น๐น๐ถ๐ผ๐ป ๐๐ฎ๐น๐๐ฎ๐๐ถ๐ผ๐ป, up from the $33 billion valuation it last garnered in a 2021 fundraising round.
The company โ which has spent years trying to secure a banking license from UK regulators that would allow it to expand into more services in its home market โ has benefited as new customers flocked to its app in recent years (40 million customers).
Revolut said its revenue for 2022 jumped 45% to ยฃ922.5 million ($1.17 billion).
The company hasnโt reported results for last year yet but had previously forecast that revenue for 2023 would be roughly ยฃ2 billion.
Now my question to you is: Do you think Revolut is worth $40 billion?
Let me know in this POLL
Cheers,
BREAKING NEWS
๐จ The EU has charged Apple with failing to comply with a new digital-competition law, alleging the iPhone makerโs App Store isnโt allowing developers to freely direct customers to alternative ways to make purchases. Read on
FEATURED NEWS
๐ Hereโs an exclusive inside look at Revolutโs future Global HQ at the top of the YY London building, spanning 4 floors and over 100,000 square feet. Click here to watch
#FINTECHREPORT
๐ What is ๐ฃ๐ฎ๐ ๐ฏ๐ ๐๐ฎ๐ป๐ธ? And what are the benefits?
Let me connect the dots for you:
FINTECH NEWS
๐ฟ๐ฆ Mama Money partners with Access Bank and Paymentology to launch a new WhatsApp-Powered bank card. Through its integration with WhatsApp, the Mama Money Card allows you to transfer payments internationally, buy electricity and airtime, download bank statements, check your balance and manage your account using the data-friendly messaging platform.
๐ฎ๐ณ ixigo expands partnership with PhonePe, adds bus and flight bookings. The company said the partnership will enable over 54 Cr PhonePe users to experience more comprehensive travel booking and utility services for flights, trains and buses. PhonePe users will benefit from advanced features and value-added services from the ixigo Group.
๐ฐ๐ช Tala eyes global market. Tala, a FinTech from Kenya has announced plans to go after the 10 trillion US dollar global FinTech market, defining it as the global majority population which represents 52 per cent of the worldโs population. Continue reading
๐ญ๐ฐ WeLab, a pan-Asian FinTech platform, announced strategic actions in Southeast Asia markets and Hong Kong to propel growth, scale and profitability. These initiatives are fortifying a robust foundation to support WeLabโs accelerated growth.
PAYMENTS NEWS
๐ช๐ฌ The value of Egypt's electronic payment and collection services reached EGP 2.50 trillion in the first 11 months of the fiscal year 2023/2024, up from EGP 2.10 trillion in the same period a year earlier, said Minister of Finance Mohamed Maait.
๐จ๐ฆ PayDo expands across Canada with Gigadat. This collaboration aims to expand PayDo's innovative payment services across Canada, leveraging Gigadat's extensive experience and infrastructure in the FinTech sector.
๐ฆ๐บ Tyro Payments has partnered with StoreConnect, enabling integrated payments for a point-of-sale solution built on Salesforce for small to medium-sized businesses. This integration includes an ecommerce website, POS terminal, cash drawer, and receipt printer.
DIGITAL BANKING NEWS
๐ธ๐ช Swedish banks in race to build new technical infrastructure for Bankgirot to meet EU regulations. The Swedish Financial Supervisory Authority (SFSA) has issued an injunction to SEB and the other Swedish owner banks of Bankgirot to ensure they fulfill the requirements of the EUโs Wire Transfer Regulation (WTR) before 31 December 2026.
๐ฆ๐ช Euronet and FinTech Galaxy partnership leads to Banking As A Service offering for banks, FinTechs and merchants in the Middle East and Africa. This new initiative focuses on increasing financial inclusion by incorporating the flexibility of open banking for more efficient account-based payments.
๐บ๐ธ Bank of America is doubling down on innovation to drive further adoption of its digital-banking mobile app for businesses, and turning to its clients for input on enhancing user experience and feature functionality. The bankโs CashPro mobile app has been granted 16 patents and has 21 more pending, as of June 20.
BLOCKCHAIN/CRYPTO NEWS
๐ฌ๐ง UK-based FinTech FreeBnk has tapped E Money Network, a MiCA-compliant modular blockchain built for tokenising real-world assets, to issue international bank account numbers (IBANs). This strategic collaboration enhances FreeBnk by integrating traditional banking cornerstones with DeFi features.
Kraken MTF and Copper forge alliance for institutional crypto trading. The collaboration aims to offer off-venue settlement services tailored for institutional clients. This integration empowers institutions to manage risk effectively and hedge positions in a derivatives market that operates continuously throughout the year.
DONEDEAL FUNDING NEWS
๐ฐ Last week we saw 5 official FinTech deals in Europe for a total amount of 90.6mโฌ raised with 2 deals in France, 1 deal in the UK, 1 deal in Germany and 1 deal in Austria. Read the complete BlackFin Tech article here
๐ฌ๐ง Curve announced a strategic investment by Samsung Next. This new investment takes Curve's total raised funds to over $250 million and will be used to further enhance its products and offerings to financial consumers. Read the full piece here
๐ฒ๐พ Paywatch, an earned-wage access (EWA) service provider in Asia, has secured US$30 million (approximately RM141 million) in funding. Paywatch offers an innovative, debt-free EWA solution, allowing employees to access a portion of their earned wages in real time before the end of their payroll cycle.
๐บ๐ธ Verituity raises $18.8m for payout platform. This latest infusion of capital will accelerate the companyโs growth in banking and insurance and Verituityโs expansion into new markets, including mortgage servicing and energy. Read on
M&A
๐ธ๐ช Klarna announced the divestment of Klarna Checkout (KCO). The buyer is a consortium of investors led by Kamjar Hajabdolahi, CEO & Founding Partner at BLQ Invest in a $๐ฑ๐ฎ๐ฌ ๐ ๐ถ๐น๐น๐ถ๐ผ๐ป deal. This strategic move will allow KCO to continue its evolution and enhancement as an industry-leading product under new ownership.
MOVERS & SHAKERS
๐บ๐ธ MoneyLion appoints veteran Pinterest and Google leader Jon Kaplan as Chief Revenue Officer. In this role, Kaplan will lead MoneyLionโs go-to-market strategy, with a focus on expanding the market share of the firmโs leading digital financial ecosystem.
๐ฌ๐ง Moneyhub, a data and payments platform announces that Anne de Kerckhove will join the Companyโs Board as Chair. Anne is an experienced international executive with over 20 years leading some of the fastest-growing and scaling B2B and B2C technology, data, media, e-commerce and entertainment companies in Europe.
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