Revolut is looking to raise as much as $1.5 billion as it prepares for ambitious global expansion

Business Insider | 10/15/2019 | Mekebeb Tesfaye
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Neobank - Revolut - Funding - Expansion - Spree

UK-based neobank Revolut is looking to raise as much as $1.5 billion in new funding as it prepares for a global expansion spree, reports Sky News. The startup is planning to raise $500 million in equity and secure a $1 billion convertible loan in the coming months.

Revolut has hired investment bank JPMorgan to conduct the raise, according to the outlet, while the mooted $1 billion loan would convert to shares if the startup secures a US banking license. If successful, the raise would propel Revolut into a select group of fintechs that have secured total funding in excess of $1 billion. The company would target a valuation of $5 billion to $10 billion for the equity raise, according to sources cited by Sky, which would make it the most valuable European fintech.

Revolut - Customers - Pace - Company - Bank

Since it was founded in 2014, Revolut has managed to capture customers at pace. The company initially launched a free app-based bank account and prepaid debit card, and has since expanded its offerings to include premium accounts, insurance products, crypto and stock trading, and business accounts, including loans.

Revolut, which secured a eurozone banking licence last year, has also expanded its geographical footprint extensively in recent years. In total, it's attracted more than 8 million customers across Europe and Australia. And it's planning to grow its markets aggressively: It inked a partnership with Visa to open in 24 new countries, including Canada, Japan, and the US, a move that'll take its services to a total of 55 jurisdictions.

Push - Startup - Funding - Richard - Davis

It's this global push that's likely driving the startup to look for fresh funding. Richard Davis, the startup's COO, confirmed as much earlier...
(Excerpt) Read more at: Business Insider
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