Revolut - Seedcamp

In November 2020 Revolut was breaking even and, with a £4.2 billion valuation, became the UK's most valuable fintech company. A US$800 million funding round in July 2021 brought the company's valuation to US$33 billion, making it the most valuable UK tech startup at the time.

Laying the foundations

Revolut was founded on 1 July 2015 by Nikolay Storonsky and Vlad Yatsenko as a solution to traditionally expensive overseas spending partly caused by hidden charges and fees. The Revolut platform was created to allow travellers to spend in over 90 countries. It provided accounts and debit cards that could be used abroad with no foreign transaction fees and a “real” exchange rate with no further fees, as opposed to other currency transfer systems that adjust exchange rates. The company was originally based in Level39, a financial technology incubator in Canary Wharf, London.

By 2016, Revolut had around 300,000 users who had transacted almost £1 billion. In 2017, the company released its Revolut for Business app. After creating an account, users could hold, exchange or transfer money from 25 currencies. Business users also had access to real-time spending notifications and data analysis alerts.

From a team of two, we're now 650+ people in nine offices across the world - and we're just getting started. For any startup looking to build something truly awesome, Seedcamp is the place to start.

Taavet Hinrikus ~ Chairman, Wise

Revolut’s Wealth Protection is launching this month

Day one, onwards

In March 2020, Revolut was launched in the United States. In August, the company launched its financial app in Japan. In November 2020, Revolut became profitable. In January 2021, the company announced that it had applied for a UK banking licence. In March 2021, Revolut applied for a bank charter in the US via applications with the FDIC and the California Department of Financial Protection.

The company raised £6.5 million ($8.5 million) in a Series A funding round in 2016. An additional £17 million was raised on an equity crowdfunding site. A year later, $66 million was raised in a Series B funding round. Index Ventures, Balderton Capital, and Ribbit Capital all participated. On 26 April 2018, Revolut raised $250 million in Series C funding. It had a post-funding valuation of US$1.7 billion, making it a unicorn. In February 2020, Revolut completed a Series D funding round of $580 million that more than trebled its value, valuing the company at £4.2 billion and becoming the United Kingdom’s most valuable financial technology startup.

In July 2021, Revolut’s Series E raised US$800 million from investors, including SoftBank Group and Tiger Global Management, at a US$33 billion valuation. This made Revolut the leading European start up in terms of valuation.

As of June 2023, Revolut has raised $1.7 billion in total funding.

Meet Revolut

From Day One to a £33Bn valuation

29.07.2024

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