Digital bank Revolut becomes UK's most valuable fintech startup
Revolut - the digital bank, has become the UK's most valuable financial tech startup after a recent funding round that more than tripled its value to £4.2billion.
This valuation puts Revolut ahead of its rival digital bank - Monzo, which was recently valued at £2billion.
The investment came from a group led by the US fund 'Technology Crossover Ventures' - who also were early backers of successful companies like Airbnb, Spotify and even Netflix - so Revolut is indeed in good company.
The injection of cash now means that Revolut is worth more than triple its previous valuation from Spring 2018, of £1.3billion. It marks a fast rise for the company that launched in 2015 with a pre-paid card product, focused on offering free currency exchanges to customers.
Now, from its head office in Canary Wharf, the company has expanded into UK current accounts, business banking, cryptocurrency and stock trading, and has 10 million customers worldwide.
As well as offering a plethora of more traditional banking options, the company has recently expanded into more technologically advanced options. For example, you're able to link your Revolut card(s) to Apple Pay and pay for items with just your phone and NFC (Near Field Communications) technology.
You're also able to buy, sell and exchange Cryptocurrencies. Revolut currently offers the option to trade 5 different Cryptocurrencies including Bitcoin, Litecoin, Ethereum, Bitcoin Cash and XRP.