The six-year-old fintech–which has yet to turn a profit–just raised $800 million from investors at an eye-popping valuation of $33 billion.
as fintech billionaires who have seen their fortunes grow since the pandemic forced a global lockdown in March 2020.... [+]The growth story that attracted the likes of SoftBank and Tiger Global to Revolut is enticing. Between 2019 and 2020 Revolut’s bread-and-butter retail banking users grew from 10 million to 14.5 million, while business customers more than doubled, from 220,000 to 500,000.
But the big challenge for Revolut and its leadership has been staff costs. Total staff costs rose from $82 million in 2019 to $235 million in 2020. In 2020 staff costs amounted to 74% of posted revenue. Revolut knows its weak spot, in an April 2020 Town Hall, Revolut announced to staff that it had lost “operating leverage,” and was getting “fat and weak” in the process.
But investor funding continues to flow, part of a global trend. Crunchbase reported earlier this month that global venture capital funding in the first half of 2021 hit $288 billion invested worldwide, up by just under $110 billion compared to the previous half-year that was just set in the second half of 2020.
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As Revolut Becomes U.K.'s Most Valuable Fintech, Its Founder Is Now Worth $7 BillionThe six-year-old fintech–which has yet to turn a profit–just raised $800 million from investors at an eye-popping valuation of $33 billion.
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