British fintech company Revolut said Monday that its value had reached $75 billion following a sale of shares to several parties, including AI chip titan Nvidia.
The company, founded in 2015 as a competitor to traditional banking, has become a leader in rolling out financial services to customers via smartphones — initially focusing on allowing clients to easily exchange currencies and make transfers.
Its latest share round included investment from Nvidia’s venture capital arm, NVentures, plus US investment firms including Coatue, Greenoaks, and Dragoneer.
“The level of investor interest and our new valuation reflect the strength of our business model, which is delivering both rapid growth and strong profitability,” Revolut’s chief financial officer Victor Stinga said in a statement.
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Revolut confirmed in September that it had begun an employee secondary share sale, and sources at the time told AFP that its valuation had already risen to $75 billion, up from $45 billion last year.
The company recently announced plans to invest $13 billion over five years to support its international expansion, targeting 100 million customers across 100 countries.
However, its rapid growth has also drawn criticism regarding its ability to comply with financial regulations, particularly those aimed at combating fraud and money laundering.
AFP