Revolut Promotes 46% Jump in Revenue in Search for Investors
FinTech giant Revolut is reportedly trumpeting a 46% increase in revenue as it seeks investors.
The British company is wooing backers for its primary fundraising, due to value Revolut at $75 billion, Bloomberg News reported Tuesday (Sept. 16).
That report, citing investor documents, said that Revolut saw revenues of 1.01 billion pounds (about $1.4 billion) during the second quarter compared to 694 million pounds (about $948 million) during the same quarter last year.
According to the report, the results demonstrate Revolut’s rapid revenue growth amid an ongoing expansion into new markets. Aside form its business throughout Europe, the company now conducts operations in Latin America, the Middle East and Asia.
The documents show that Revolut’s revenue growth has kept accelerating in recent months, Bloomberg added. The company in July generated revenues of 373 million pounds (about $509 million), followed by 410 million pounds (about $560 million) in August, putting the company on pace to bring in 4.1 billion pounds (about $5.6 billion) this year.
A spokesperson for Revolut declined to comment on the report when reached by PYMNTS.
The Bloomberg report also cited sources familiar with the matter who said this week is the deadline to express interest in taking part in this newest funding round. Revolut has given the round the in-house code name “Project Athens” internally, those sources said.
One of those sources added that the company has told investors it could use some of the new funding to acquire a bank in the U.S. This follows recent reports that Revolut was deciding between purchasing an American bank or applying for its own U.S. banking license.
The report noted the company has been touting its planned U.S. investments as banks in both the U.K. and U.S. prepare for President Donald Trump’s state visit to England. Revolut is expected to invest more than $500 million in the U.S. in the coming years with the hopes of creating hundreds of jobs.
This has been a busy season for Revolut, the U.K.’s largest FinTech. Last week, the company announced it had added an open banking tool to its payments gateway offering. The goal is to let businesses accept fast, secure payments from a customer’s bank account.
“The payments landscape is evolving, and merchants are looking for solutions that eliminate fraud and increase optionality,” Alex Codina, general manager of merchant acquiring at Revolut, said in a news release. “Our new Pay by Bank feature gives them exactly that.”
Also last week, the company announced it had received approval for a “Stored Value Facilities” license and a retail payment service license in the United Arab Emirates.
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