Revolut Completes Fundraising Process Establishing $115 Billion Valuation
Hey FinTech Fanatic!
One of the biggest FinTech stories today is Revolut's new valuation.
Revolut has completed a fundraising process that values it at $115 billion. The round was led by Glade Brook Capital Partners, Coatue, Durable Capital Partners, T. Rowe Price and Baillie Gifford.
That's a huge jump from the $75 billion valuation set in an employee share sale a year ago. According to Trending Topics, this was also a secondary sale of existing shares, so no new money went into the company.
The numbers behind it are strong. Revolut says 2025 revenue grew 46% to $6.0 billion, while pre-tax profit rose 57% to $2.3 billion. It now has more than 80 million retail customers.
The local push continues too. Revolut has just passed 500,000 customers in Austria, double the figure from November 2024, with Austrian IBANs coming in 2027.
But it's not all good news. According to Financial News, Revolut has cut dozens of staff in its latest performance cull.
To me, the local banks are the real story behind the number. Since the start of 2026, Revolut has launched banks in the UK, Mexico, Australia and New Zealand.
The big question is how far that valuation can stretch before an IPO, which Nik Storonsky has said won't happen before 2028.
Anyway, plenty more happened in FinTech today.
Let’s dive in, and I’ll be back in your inbox tomorrow!
Cheers,
INSIGHTS
💡 Incognia: Intent Intelligence: Assessing Risk in AI-Driven Banking Transactions. Incognia CEO André Ferraz introduces Intent Intelligence, a new capability that helps banks and FinTechs evaluate whether actions proposed by verified AI agents are consistent with customers’ established behaviour. Using transaction patterns, account activity and physical-world relationship signals, it helps identify suspicious payments and risky account changes before they take effect. In an analysis of more than 300 million transactions, Incognia found that 79.2% of legitimate transactions showed evidence of a physical-world relationship, compared with 86.2% of reported scams involving parties with no observed relationship. The goal is to let lower-risk transactions proceed with fewer interruptions while giving financial institutions better evidence to investigate potentially fraudulent activity. Explore all the details here
FINTECH NEWS
🇺🇸 Block agrees in principle to pay $764M to settle DOJ anti-money laundering probe. The proposed agreement would defer a criminal charge for three years. In Q3, Block's bitcoin gross profit fell 50% to $52M, while overall gross profit rose 22% to $3.24B.
🇮🇳 Razorpay receives Sebi approval for its IPO. The Bengaluru-based FinTech aims to raise ₹5,000–6,000 crore at a valuation of around $5B, according to an industry source, with a listing targeted as early as Q1 2027.
🇺🇸 Polymarket affiliate wins NFA approval as a futures commission merchant. PM Derivatives can now offer fully collateralised brokerage services under CFTC and NFA oversight. The affiliate is led by CEO Nikhil Joshi, a former Citi managing director.
🇧🇭 SITR launches Shariah compliance technology operations in Bahrain. Headquartered in Manama with support from the Bahrain Economic Development Board, SITR offers continuous Shariah compliance monitoring for Islamic banks and funds across Bahrain and the GCC.
PAYMENTS NEWS
🇵🇱 BLIK records 822 million transactions in Q3. Transaction value grew 17% YoY to PLN131.8B, with online payments up 10% to 384.3 million. BLIK had 21.9 million active users at the end of September.
🇨🇦 Canada and the EU plan to explore linking their instant payment systems. Under the Alliance for the Future, announced at the Canada-EU Summit on 30 October, both sides will support work towards connecting Canada's planned Real-Time Rail with Europe's TIPS system to enable faster cross-border payments.
🇧🇭 AFS launches Tap to Pay on iPhone in Bahrain. Arab Financial Services unveiled AFS PRO Tap to Pay at Gateway Gulf, with a UAE launch planned for early November alongside Mawarid Finance and Mastercard. AFS is owned by 36 banks.
🇧🇷 iFood's Zoop becomes an acquirer under Brazil's new payment rules. Now connected directly to card schemes, Zoop counts iFood as its first acquiring client and serves more than 50 accounts, including Itaú and Nubank. It processed R$155B in TPV over the past 12 months.
🇬🇧 Cardstream Group launches Flowes embedded payments platform. The white-label Payment Facilitation-as-a-Service proposition lets acquirers activate new payment facilitators within days rather than months, with support from Discover Network, Diners Club International and Equifax.
🇬🇧 Telleroo launches business savings and inbound payments. UK SMEs can earn 3.34% AER variable on savings provided with Griffin, including a promotional rate until March 2027. Telleroo, authorised as an EMI in 2025, integrates with Stripe, Shopify and GoCardless.
#FINTECHREPORT
💡 Stripe vs. Adyen: Who Is Winning the Payments Battle? A new comparison highlights the different growth strategies of two payments giants. Stripe reported 41% revenue growth in H1 2026, alongside 43% growth in free cash flow, while Adyen delivered 23% net revenue growth in Q3, with payment volume rising 30% to €451.1 billion and Platforms revenue growing 46%. Both companies are expanding beyond traditional payment processing: Stripe is focusing on AI, crypto and internet infrastructure, while Adyen is investing in enterprise payments, Unified Commerce, loyalty and billing. Although the reporting periods and revenue metrics differ, the comparison highlights two distinct approaches to scaling global payments. Read the full comparison here
DIGITAL BANKING NEWS
🇦🇹 Revolut passes 500,000 customers in Austria. The figure has doubled from 250,000 in November 2024. Revolut has completed its Austrian branch registration and plans to introduce local IBANs in 2027.
🇬🇧 Revolut cuts dozens of staff in latest performance review round. Financial News reports that the company has let go of dozens of employees following its latest round of performance reviews.
🌎 Santander's Openbank could eventually launch in Brazil, says Ana Botín. The digital bank, present in Spain, Germany, Portugal, the Netherlands, Mexico and the US, will next expand to Colombia and Peru, Botín said, citing Santander's single global platform.
🇵🇾 Paraguay's central bank chief resigns as Ueno Bank crisis deepens. Carlos Carvallo stepped down at President Santiago Peña's request after the regulator put the digital lender into resolution. Board member Liana Caballero has taken over as interim president.
🇩🇪 Nordnet to launch in Germany on 16 November. Early-access customers will get securities accounts, a savings account, funds, ETFs and the Nordnet Social community, ahead of a full market launch in January 2027 that adds pension savings.
🇵🇭 UnionBank says capital for UnionDigital Bank is ready despite relief request. The lender has asked the BSP to exempt it from further injections ahead of integrating its digital bank by April 2027. UnionDigital posted a net loss of ₱2.19B last year.
🇧🇷 Itaú's Q3 recurring profit rises 6.2% to R$12.6B. Recurring ROE eased to 23.6% from 24.3% in Q2, while the loan book reached R$1.54 trillion as the bank's credit quality stayed strong.
🇳🇬 Rex Africa launches an AI-native bank in Nigeria. Powered by CBN-licensed Rex Microfinance Bank, the platform offers savings, cards, POS and credit products, with deposits insured by NDIC. It says thousands of individuals and hundreds of businesses have signed up.
🇲🇽 Klar Empresarial's SME credit origination grows 216% to MXN1.9B in six months. Client numbers rose 165% over the half-year, and businesses moved more than MXN11.5B through its Cuenta 360 account. Klar is now opening its digital business platform to Mexico's 10 to 12 million self-employed professionals.
STABLECOINS NEWS
🇪🇺 Damex. io explains how EU businesses can use euro stablecoins such as EURC. The MFSA-authorised crypto-asset service provider notes that under MiCA, a stablecoin referencing a single official currency such as the euro is generally an e-money token.
🇺🇸 Circle's Q3 revenue and reserve income rises 17% YoY to $865M. Average USDC in circulation grew 8% to $73.3B, and net income from continuing operations rose 5% to $226M. Circle has also agreed to acquire Singapore-based Tazapay, with closing expected in 2027.
PARTNERSHIPS
🇧🇭 CrediMax and Mastercard explore agentic commerce for Bahrain's merchants. The collaboration will initially focus on Mastercard's Agent Suite for Merchants, delivered through Mastercard Merchant Cloud, alongside Mastercard Gateway for payment processing. CrediMax is among the first in Bahrain to do so.
🇲🇦 Mastercard supports Samsung Pay launch in Morocco. Eligible Mastercard cardholders at participating banks can now pay with compatible Samsung devices, using Mastercard's MDES tokenisation. The two companies will also roll out a joint consumer campaign.
💳 Clink adds support for Mastercard Agent Pay. AI agents using Clink can now check out on the Mastercard network with tokenised credentials rather than raw card numbers. Clink already supports Visa Intelligent Commerce.
🇸🇬 Pine Labs and Stripe launch unified commerce for Singapore retailers. From November, eligible merchants can use Stripe for online payments and Pine Labs terminals for in-store card payments. Expansion across the region is planned for 2027.
🇬🇧 Trading 212 rolls out automated deposits with TrueLayer. Users can fund accounts through TrueLayer's Bank on File, now live with all six of the UK's largest banks. Trading 212 says the deposits have a 97% success rate and are 50% larger than card payments.
🇺🇸 Expensify signs referral agreement with Visa. Visa can refer eligible clients and corporate card programmes to Expensify, which offers receipt matching, AI expense categorisation and policy enforcement. Businesses can link existing Visa cards without changing how they pay.
🇲🇹 Calida Financial launches cardless payments with Bluecode. The Malta-based issuer's embedded finance platform enables NFC and QR contactless payments without a card across more than 260 million points of sale. It is live within the Bluecode app.
🇺🇸 Capra Bank and Zact expand partnership with Capra SpendLink launch. The new platform helps commercial customers manage business spending and builds on a Zact-powered commercial card programme. The two firms are exploring further commercial banking capabilities.
🇬🇧 Spendesk becomes Fulham FC's official spend management partner. The multi-year deal covers AI-powered spend management and procurement across the club's operations. Spendesk serves more than 5,000 European companies and over 200,000 users.
🇪🇺 Playtomic adopts Sumsub's automated business verification. The racket sports platform, present in more than 66 countries with 6,500 partner clubs, now verifies clubs directly inside HubSpot CRM, cutting review times from days to minutes.
DONEDEAL FUNDING NEWS
🇩🇪 Pliant raises $80M Series C for its B2B card and spend management infrastructure. Seaya Nova and Speedinvest led the round for the Berlin-based company, with Illuminate Financial, Motive Partners and Molten Ventures joining. Pliant passed $100M in annualised revenue in July and is piloting agent payments.
🇬🇧 Revolut completes fundraise at a $115B valuation. Glade Brook Capital Partners, Coatue, Durable Capital Partners, T. Rowe Price and Baillie Gifford led the transaction. Revolut's 2025 revenue grew 46% to $6.0B, while pre-tax profit rose 57% to $2.3B.
🇪🇸 Openbank leads €120M-plus deal in Spanish car-leasing platform Revel. DTE Capital and Citi also took part in the transaction, which combines share purchases, a capital injection and conversion of convertible loans. Santander's digital bank first partnered with Revel in 2023.
🌎 Takenos raises $7M seed extension to expand across Latin America. North Island Ventures and Road Capital Management led the round, with Variant, Lattice and Reverie participating, taking total funding to $12M. The company plans to expand to more than 15 Latin American countries, from six, in 2027.
🇴🇲 mamun raises $3M seed to finance Gulf-Asia trade from Muscat. Phaze Ventures led the round through its Oman Fund, with Jasoor Ventures participating. The Sharia-compliant platform will scale its AI-based origination and underwriting across the Greater Bay Area, Oman and UAE corridor.
🇬🇧 Crediflow AI raises €1.8M to automate commercial loan processing. NPIF II – PXN Equity Finance led the round for the Manchester-based FinTech, with Haatch and angel investors joining. Its flagship FlowSpread product extracts financial data from borrower documents for credit analysis.
🇮🇳 OneStack raises $1.32M to expand banking technology for cooperative banks. Shepherd's Hill led the ₹12.5 crore round, with Pentathlon Ventures and AVNM Ventures participating. OneStack lets cooperative banks connect directly to NPCI as UPI issuers and acquirers under their own brands.
🇬🇧 SPORTA secures £5M follow-on investment from Lazaroo-Hood Group. The family office becomes the largest shareholder and takes a board seat at the startup, which is seeking authorisation to become the UK's first bank dedicated to sport.
🌍 Enza raises $6M Seed+ round for African payments infrastructure. The company provides payments infrastructure for banks and FinTechs across Africa. At its seed stage, Enza had secured more than 10 million monthly contracted transactions across six markets.
M&A
🇦🇷 eToro agrees to acquire Argentine financial app LB Finanzas. LB Finanzas offers equities, ETFs, crypto and money market funds alongside peso and US dollar accounts. Argentina will become eToro's regional hub for Latin America. Terms were not disclosed.
🇧🇷 Yellow Card acquires Brazilian virtual asset firm GoMoney. The stablecoin payments provider gains direct operations in Brazil, adding Pix and BRL collections and disbursements. GoMoney's full authorisation remains subject to Central Bank of Brazil approval.
🇺🇸 OppFi abandons its planned acquisition of BNC National Bank. The lender has withdrawn its applications to the OCC, Federal Reserve and FDIC for the $130M deal, announced in April. BNCCORP shareholders had approved the sale in September.
🇺🇸 Clusia acquires ACH audit firm Optim ACH Solutions. The FinTech assurance firm adds ACH audits and BSA/AML testing for more than 60 FinTechs and service providers. The business will operate as Optim ACH, a Clusia company, with founder Debbie Arai leading ACH audits.
AI DEVELOPMENTS
🇺🇸 Nooks launches Node, an AI personal assistant for sales. The tool learns sales processes and works deals in the background, according to an NYSE content update in which Nooks' CEO was scheduled to appear on NYSE Live.
MOVERS AND SHAKERS
🇬🇧 Funding Circle appoints Rob Straathof as CEO. The former Liberis chief executive, currently CEO of Grover, will join in the first half of 2027, subject to regulatory approval. He succeeds Lisa Jacobs, who will step down by September 2027.
🇬🇧 Xceptor appoints former Fenergo CTO Keith Redmond as Chief Technology Officer. Redmond succeeds founder Dan Reid, who moves to a strategic role and joins the board as a Non-Executive Director. The London-based, Astorg-owned firm serves more than 100 clients across 60 countries.
🇺🇸 FIS names Alexandra Brooks interim CFO as James Kehoe steps down. Brooks, the company's Chief Accounting Officer, takes the role on 5 November while a search for a permanent CFO begins. Kehoe will stay on as a non-executive senior advisor through March 2027.
Trusted reach among senior decision-makers in FinTech, Payments & Banking.
👉 Explore Partnership here
Comments ()