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Read previewRevolut has secured a $45 million valuation via a secondary share sale, despite a wider slump in fintech valuations. The London-based neo-bank, which recently secured a banking license in the UK, has signed agreements with institutional investors over a share sale that significantly boosts the company's valuation. That round came at the height of the tech market's COVID-19 boom, and Revolut has not raised primary capital from investors since. This secondary deal allows employees to profit from their stakes in the company and also cements the fintech as Europe's most valuable tech startup ahead of a prospective IPO. Revolut has 45 million customers and offers bank accounts, savings options, and trading in stocks and cryptocurrencies.
Persons: , Revolut, We're, Nik Storonsky, SoftBank, Matt Cooper, Revulot, Cooper, Starling Organizations: Service, D1 Capital Partners, Tiger, Business, Prudential, Authority, Financial Times Locations: London, Europe
s LONDON — The boss of U.K. stock trading service Freetrade is stepping down and leaving the company with immediate effect, the company told CNBC exclusively Monday. Dodds remains the largest individual shareholder in Freetrade, owning a roughly 12% stake, according to company filings. Freetrade is default alive and ready to take on the incumbent platforms in the UK with self-sustaining growth," Dodds said. Dodds added: "I'm very happy to say Viktor will be stepping up to take over the helm as CEO. Nebehaj, Freetrade's incoming CEO, applauded Dodds' eight-year run as CEO and said that "it's natural that different stages of a company's growth require different leaders."
Persons: Adam Dodds, Davide Fioranell, Viktor Nebehaj, Nebehaj, Dodds, he'll, Rafael Henrique, " Dodds, Viktor, Perry Blacher, Freetrade, it's Organizations: CNBC, GameStop Locations: Freetrade, U.S
Freetrade reported adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) of £100,000 ($124,863) in the first quarter of 2024, according to unaudited financial statements shared with CNBC. Freetrade still generated a loss of £8.3 million in 2023, down from the £28.8 million loss it racked up the year before. "We defied difficult market conditions and delivered healthy growth in 2023 while dramatically reducing losses" in 2022, said Adam Dodds, CEO and founder of Freetrade. Net inflows totalled £130 million in the first quarter, too, as retail investor activity grew in response to resurgent markets last year. Equity markets saw serious drops in 2022 as a result of macroeconomic uncertainty and higher interest rates stoked by Russia's full-fledged invasion of Ukraine, which triggered a risk-off trade around the world.
Persons: Rafael Henrique, Freetrade, Adam Dodds, who've, Dodds, we've, Russia's Organizations: Getty, CNBC, Freetrade, Equity Locations: Ukraine
The startup deploys AI to monitor patients' mental health symptoms, for depression and anxiety. Check out the 9-slide deck it used to secure the fresh funding. A startup that uses AI to detect, assess, and track symptoms of mental illnesses — such as depression and anxiety disorder — has secured $2.7 million. Given the "subjective" nature of mental health diagnoses, doctors hadn't realized the severity of her friend's condition, Molimpakis said. In a bid to make "mental health as objectively measurable as physical health," Thymia has developed an AI-powered platform that combines neuropsychology, linguistics, and machine learning to assess signs of mental illness in patients — and evaluate how their symptoms are progressing.
Persons: , Thymia, Emilia Molimpakis, hadn't, Molimpakis, Amanda M Cardinale, Nadav Rosenberg Organizations: Kodori Ventures, Syndicate, Ventures Locations: London, Crowdcube
The two would go on to discuss the beginnings of what eventually became the Stem Player. It was originally named the "Donda Stem Player," a reference to West's 10th studio album, Donda. Faced with "worse" terms and news of Ye's antisemitic comments, Kano didn't accept, Klein said. Despite recent outcry over Ye's antisemitic remarks, he has frequently raised eyebrows. The Stem Player, along with West's dedicated fanbase, drove great commercial success for the small London startup.
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