Now valued at $33 billion, Revolut didn’t rule out a potential IPO this year, but the firm’s CFO suggested that it was unlikely.
Softbank leads $800M investment for banking app RevolutNEWS
Revolut, a major British banking app featuring cryptocurrency investment, has secured $800 million in a new funding round.
The new investment round is led by Japanese financial giant SoftBank and United States hedge fund Tiger Global, which collectively hold around 5% in Revolut, CNBC reported Thursday.
The round values Revolut at $33 billion, marking a sixfold increase from the company’s valuation of $5.5 billion in 2020. The newly secured funding will help Revolut continue international expansion as well as further improve marketing and product development,
Revolut’s chief financial officer, Mikko Salovaara, noted. The company is particularly focused on rolling out services in the U.S. and India, he added.
The latest financing round reportedly makes Revolut the second-largest fintech unicorn in Europe behind Swedish fintech company Klarna. It is also now the biggest fintech in the United Kingdom, flipping major payments firm Checkout.com.
Despite Revolut posting massive growth over the past year, the company has no immediate plans for an initial public offering. Salovaara said that Revolut did not rule out a potential IPO this year, but suggested it was unlikely.
Revolut did not immediately respond to Cointelegraph’s request for comment.
Related: Revolut expands to Japan as its first non-English speaking market
Revolut reported nearly $240 million in annual losses last year, higher than the $140 million the company lost in 2019. Revolut’s CEO and co-founder, Nik Storonsky, previously said that the main reason for mounting losses in 2019 was an aggressive investment in global expansion and new product offerings.
Revolut will continue its expansion into new services like crypto and stock trading to reach profitability in the long run, the CEO said recently.
Italian Companies and Exchange Commission has warned that Binance is not authorized to facilitate crypto investment services in the country.
Italian finance regulator issues warning on Binance crypto exchangeNEWS
Italy’s securities market regulator, the Italian Companies and Exchange Commission (CONSOB), has issued a statement, in which it said that Binance Group and affiliated companies are unauthorized to provide investment services and operate in Italy.
The regulator specified that the warning refers to Binance.com, the main website of the global crypto exchange. CONSOB went on to warn the public about potential implications of Binance’s legal status in Italy, advising to exercise caution in making investment choices.
Italy has joined the growing number of countries to issue a public warning regarding Binance, the world’s largest cryptocurrency exchange by trading volume.
“In any case, it is important that investors are informed that transactions in instruments related to crypto assets may pose risks that are not immediately perceptible due to their complexity, high volatility as well as for security vulnerabilities,” CONSOB noted.
CONSOB declined to further comment on the matter.
Related: ‘Compliance is a journey,’ says Binance CEO amid regulatory scrutiny
The latest warning comes as Binance faces a class-action suit from a group of Italian and international investors. Last week, Italy-based legal firm Lexia Avvocati announced a legal action against the exchange to recover damages from trades on Binance, alleging that the company violated its own rules on futures trading.
In serving the latest warning, CONSOB joins the increasing number of regulators that have issued warnings against Binance, echoing similar moves by authorities in Poland, Germany, the United Kingdom, the Cayman Islands, Thailand, Canada, Japan, Singapore and the United States.