The company announced Monday (Nov. 24) that it had completed a share sale that gave it a valuation of $75 billion, up from $45 billion last year.
“This milestone reflects the remarkable progress we have made in the last twelve months towards our vision of building the first truly global bank, serving 100 million customers across 100 countries,” Nik Storonsky, Revolut’s co-founder and CEO, said in a news release.
The share sale was led by Coatue, Greenoaks, Dragoneer and Fidelity Management & Research Company, with participation from investors including Andreessen Horowitz, Franklin Templeton and T. Rowe Price Associates.
Also investing was NVentures, NVIDIA’s venture capital arm, “deepening Revolut’s collaboration with the global technology leader in key areas including AI,” the release added.
The announcement comes weeks after Bloomberg News reported that the company was wrapping up a $3 billion fundraising effort that would give it the $75 billion price tag.
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The new valuation comes at the tail-end of a year in which Revolut has marked several other milestones, the release added. For example, the company received its final banking authorization in Mexico ahead of an upcoming launch in that country. It also received a banking incorporation license in Colombia and is preparing to launch in India.
And as covered here last month, Revolut also recently expanded its U.S. presence with the launch of a high-yield savings account, explicitly pitched as part of its larger American growth strategy. The company has also said that it is looking at a path to securing a U.S. banking license, either by applying for one on its own or by acquiring an existing bank.
“By building U.S. savings products and examining structural ways to operate as a bank, Revolut is signaling that it views American consumers as central to its next growth chapter,” PYMNTS wrote, going on to note that the “common denominator across these expansion strategies is the focus on Generation Z.”
Research by PYMNTS Intelligence spotlights just how enticing this demographic is to digital-first challengers. Close to 72% of Gen Z consumers say that they use a digital wallet at least once per week, compared with just 38% of Gen X. Another 62% of Gen Z say they would consider making a neobank their primary bank account provider, a striking level of openness that outpaces all other generations.
And nearly 70% of Gen Z respondents said that they prefer to manage their financial lives completely online, underlining the digital-first mindset that plays to neobanks’ strengths.
