The funding helps Revolut’s valuation hit the $33B mark. Here are the top-line bullets you need to know.
Revolut, a digital banking application, has raised $800M in Series E. The round drew participation from SoftBank Group and Tiger Global Management.
HOW’S THE COMPANY PERFORMING?
- UK-based Revolut is a digital bank. Its app offers banking and trading services. The company claims to have made $150M in monthly transactions, catering to more than 16M customers, of which 500,000 are business customers spread across 35+ countries.
- Revolut witnessed a 57% increase in its revenue from $229M in 2019 to $361M in 2020.
- It has offices in London, New York, Berlin, and Singapore.
WHY DOES THE MARKET MATTER?
- The global digital banking market is projected to grow at a CAGR of 8.9% to reach a value of $1.61T by 2027, according to Research Dive.
- According to Juniper Research, 3.6B individuals — roughly one in every two adults — will use digital banking services, by 2024. These include mobile as well as desktop platforms.
- Global shutdowns and branch closures spurred the adoption of digital banking during the Covid-19 outbreak.
- According to an Adjust and Apptopia poll, global mobile banking and payment app usage increased by 26% in the first half of 2020 compared to the same period in 2019.