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☆ Revolut secures new $45 billion valuation following secondary share sale with major investors as it targets a potential IPO
▼ + stars: | 2024-08-16 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +3 min

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

☆ British fintech Revolut valued at $45 billion in secondary share sale
▼ + stars: | 2024-08-16 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

British fintech startup Revolut on Friday said it was valued at $45 billion in a secondary share sale with existing and new investors. The $45 billion transaction sharply increases the company's valuation from the $33 billion notched in July 2021. The valuation comes just weeks after Revolut was granted a banking license with restrictions in the U.K., ending a three-year wait after first applying for the license in 2021. The license allows Revolut to take customer deposits and issue products such as loans and credit cards. The company is now set to build up banking infrastructure in the U.K. before the official launch.

Persons: Revolut, We're, Nik Storonsky Organizations: Coatue, D1 Capital Partners, Tiger Global, U.K, Prudential, Authority Locations: Krakow, Poland, British

☆ Revolut CEO confident on UK bank license approval as fintech firm hits record $545 million profit
▼ + stars: | 2024-07-02 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

LONDON — The boss of British financial technology giant Revolut told CNBC he is optimistic about the company's chances of being granted a U.K. banking license, as a jump in users saw the firm report record full-year pre-tax profits. Several small financial institutions have been able to win approval for a banking license with few customers, he added. "U.K. banking licenses are being approved for smaller companies," Storonsky said. A bank license would enable it to offer loans in the U.K. One conditions set by the Bank of England for granting Revolut its U.K. banking license, was to collapse its six classes of shares into ordinary shares.

Persons: Revolut, Nikolay Storonsky, we'll, Storonsky, SoftBank Organizations: CNBC, British, EMI, Prudential, Authority, Bank of England, Financial Times

☆ Revolut moves global HQ to heart of London's financial district as it awaits UK bank license
▼ + stars: | 2024-06-13 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

A mockup of what Revolut's new global HQ in Canary Wharf will look like. RevolutBritish financial technology firm Revolut announced Thursday that it's planning to move its official headquarters in London to Canary Wharf, the city's major financial district. Revolut will relocate its global headquarters to the YY London building in the center of Canary Wharf. Canary Wharf is London's main financial district, home to many of the world's largest banks, insurers, and other financial institutions. Revolut said that its decision to open a new global headquarters at the heart of the city demonstrates that the firm remains committed to the U.K. market.

Persons: Revolut, Francesca Carlesi, Revolut's, Nikolay Storonsky, Vlad Yatsenko —, — Organizations: Barclays, Citigroup, HSBC, Bank of England, Financial, Authority, Revolut's Locations: Canary, London, Revolut, Canary Wharf, U.K

☆ British fintech Revolut hits record revenue, profit tumbles
▼ + stars: | 2023-12-22 | by ( ) www.cnbc.com time to read: 1 min

British fintech Revolut's revenue rose 45% to a record 923 million pounds ($1.1 billion) in 2022, but net profit tumbled to 6 million pounds, down from 26 million pounds the year before, the company said in delayed annual accounts on Friday. The company had said it had 26.2 million customers, up almost 10 million from 2021. CEO Nikolay Storonsky said in the annual report that the company remains "committed to our ongoing UK banking licence application." Revolut, which ranked as the UK's most valuable start-up when it was valued at around $33 billion in 2021, applied for a UK banking licence early that year but is still awaiting approval. The company said in September it had received permission to delay filing its annual accounts for a second year running.

Persons: Nikolay Storonsky

☆ Revolut's CFO leaves the digital bank after two years, citing personal reasons
▼ + stars: | 2023-05-11 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

LONDON — Revolut's chief financial officer, Mikko Salovaara, is leaving the digital bank after two years, citing personal reasons. A company spokesperson told CNBC that Salovaara resigned and has not been fired. He said it would be inappropriate to divulge the personal reasons that have led to his departure. The Revolut spokesperson said Salovaara's decision was unrelated to concerns flagged by auditor BDO about the company's financial accounts. In its latest annual report, Revolut posted its first-ever full year of profitability, posting a pretax profit of £59.1 million on revenue of £636.2 million.

Russia has 110 official billionaires in the list, up 22 from last year, according to Forbes' Russian edition, which said their total wealth increased to $505 billion from $353 billion when the 2022 list was announced. "Last year's rating results were also influenced by apocalyptic predictions about the Russian economy," Forbes said, adding that the total wealth of Russia's billionaires was $606 billion in 2021, before the war began. The price of Urals oil, the lifeblood of the Russian economy, averaged $76.09 per barrel in 2022, up from $69 in 2021. Many Russian billionaires cast Western sanctions as a clumsy, and even racist, tool. New Russian names in the Forbes list include billionaires who made their money in snacks, supermarkets, chemicals, building and pharmaceuticals, indicating that Russian domestic demand has remained strong despite the sanctions.

☆ Revolut posted its first annual profit after missing multiple deadlines to release its financials
▼ + stars: | 2023-03-01 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +3 min

London-based fintech Revolut posted its first annual profit for the year ending 2021. Despite repeatedly missing reporting deadlines, Revolut could soon cinch a UK banking license. Revolut, the London-based fintech firm, has posted its first annual profit after missing multiple deadlines to release its financials. Revolut posted a net profit of £26.3 million ($31.8 million) for the full year 2021, according to its latest annual report. Revolut's annual profit makes it the second UK challenger bank to achieve profitability after London-based Starling Bank.

☆ Revolut's 2022 revenues grew by 33% despite crypto winter
▼ + stars: | 2023-03-01 | by ( Stefania Spezzati | ) www.reuters.com time to read: +3 min

"We have built a strong momentum," the 31-year-old executive said in an interview at Revolut's headquarters in London. Revolut will retain accounting firm BDO for the 2022 audit, it said. Revenues from its crypto business shrank in 2022 as the crypto-downturn hit the firm. In 2020, it made a loss of 223 million pounds, according to Revolut's accounts. The fintech company expects to publish its 2022 accounts by June, but it might take longer.

☆ Revolut close to finalising 2021 accounts as fintech seeks U.K. licence - sources
▼ + stars: | 2023-01-13 | by ( Stefania Spezzati | ) www.reuters.com time to read: +3 min

LONDON, Jan 13 (Reuters) - Fintech firm Revolut Ltd. is close to finalising its long-overdue 2021 financial accounts, a move that could pave the way for the start-up to obtain a UK banking licence, two people with knowledge of the matter told Reuters. Revolut is set to publish financial accounts for the year ended December 2021 - which were due last summer - at the end of January after auditing firm BDO LLP’s final sign-off, the people said. The Revolut filing will likely show a rise in 2021 revenue from clients’ subscriptions and exchange rate fees, the person said. The accounts may help the entrepreneur to convince UK regulators that Revolut is ready for a banking licence after a two-year wait. Britain is a key market for Revolut, which aims to become a global financial firm.

☆ 'Investors changed the rules of the game overnight.' The CEOs of Rapyd, Revolut, Wefox, and Klarna look ahead to fintech in 2023.
▼ + stars: | 2022-12-30 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +4 min

After a bruising year for the sector, fintech startups are prioritizing profitability. The CEOs of Revolut, Klarna, Wefox, and Rapyd outlined the new reality for consumer-facing fintech. "Investors changed the rules of the game overnight," Rapyd CEO Arik Shtilman told Insider. "Investors changed the rules of the game overnight," Arik Shtilman, CEO and founder of $15 billion fintech Rapyd told Insider at the Slush conference in Helsinki. Regardless of whether a focus on profitability has been pushed by investors or not, the tide has now turned for the fintech sector in Europe.

☆ Revolut pays some senior talent up to $300,000 in base salary and is still hiring. Here are 3 valuable traits in applicants, according to its global head of HR.
▼ + stars: | 2022-11-03 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +6 min

Banking unicorn Revolut is hiring for over 200 positions, as mass layoffs hit the tech industry. Getting a job at Revolut is a highly competitive process, its global head of HR said. Revolut is growing and "expanding in many countries," global head of HR Alexandra Loi said in an interview. The company is being "cautious" in the downturn about hiring the right people for the right roles, but it is still "fully going on with recruitment." Loi said that the company is still hiring for over 200 roles, primarily in engineering, sales, and other corporate functions.

☆ 2 major Russia businessmen renounced their citizenship, condemning Putin's invasion of Ukraine
▼ + stars: | 2022-11-01 | by ( Sophia Ankel | ) www.businessinsider.com time to read: +4 min

Revolut CEO Nikolay Storonsky and tycoon Oleg Tinkov renounced their Russian citizenship. "I hate Putin's Russia, but love all Russians, who are clearly against this crazy war!" In the later post, Tinkov blamed "Kremlin trolls" for that first post having "mysteriously disappeared." Storonsky also criticized the conflict in a company blog post earlier this year, highlighting his Ukrainian family connections. "I hope more prominent Russian businessmen will follow me, so it weakens Putin's regime and his economy," he wrote.

London/Hong Kong CNN Business —Oleg Tinkov, the founder of a major Russian digital bank, has renounced his Russian citizenship in protest over the war in Ukraine. “I have taken the decision to exit my Russian citizenship,” Tinkov announced in a post on Instagram on Monday alongside a photo of a certificate confirming his decision, dated October 26. The post has since been taken down, but photos of it have been circulated on social media and reported by Russian state media. Tinkov, who founded Tinkoff Bank in 2006, earlier this year blasted Russia’s “insane war” in Ukraine. Nikolay Storonsky, the co-founder and CEO of Revolut, renounced his Russian citizenship earlier this year, the British company said Tuesday, confirming a report in The Telegraph.

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