Revolut is eyeing up another funding round according to Sky News. The Sky report suggests that Revolut is plotting an equity fundraising in the second half of the year. And Revolut is reportedly working with US-based, fintech focused investment bank FT Partners.
Revolut says that it has no immediate need for fresh capital. Moreover, its founder Nik Storonsky has said that the firm will not go public until its valuation tops $20bn.
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Revolut capital raising: 2020 results not yet posted
Revolut is yet to release its results for fiscal 2020. For the year to end December 2019, Revolut posted an operating loss of £107.4m (2018: a loss of £34.1m).
The fintech says that it moved into profit in November and December last year.
Revolut beefed up its board with a number of senior hires in 2019. In particular, celebrated City figure Martin Gilbert former Co-Chief Executive of Standard Life Aberdeen became chair in July 2019. Caroline Britton, former Deloitte Audit Partner, and Bruce Wallace, former COO at Silicon Valley Bank, were appointed as Non-Executive Directors.
Senior hires ahead of possible listing
Further senior hires followed. For example, Michael Sherwood, former Co-Chief Executive at Goldman Sachs International, joined Revolut as a Non-Executive Director.
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By GlobalDataAnd he was joined as a non-exec director by Ian Wilson, formerly of RBS, Santander, Tesco Bank and Monzo.
Revolut raised $500m in Series D funding, valuing the business at $5.5bn, in February 2020.
The round was led by US-based investor TCV, with a number of existing investors also participating in the round. And that round was closed with an $80m extension last July. This resulted in a total of $580m being raised at a $5.5bn valuation. The additional $80m came from TSG Consumer Partners, the San Francisco-based private equity firm.
UK, US licence applications, Canadian exit
In January this year, Revolut submitted its application for a UK bank license to the Prudential Regulation Authority.
And then in March, Revolut confirmed it was pursuing a US banking licence application. In particular it has submitted a draft application with the FDIC and the California Department of Financial Protection.
But at the same time, it pulled the plug on its attempt to launch in Canada. Nearly 18 months after introducing a beta version in anticipation of a Canadian launch that never materialised, Revolut discontinued the Canadian beta on 15 March.
Revolut personal customer numbers now exceed 15 million. In addition, it serves over 500,000 business customers and operates in around 30 currencies.
