SoftBank’s Vision Fund 2 and several other prominent investors are reportedly in talks with the UK-based financial technology firm, Revolut for the injection of fresh capital at a valuation of nearly $30 billion.
According to a report published by Sky News, Revolut and its advisers asked SoftBank’s Vision Fund 2 and a group of other investors to submit proposals for an investment of nearly $1 billion. The UK-based digital bank is expected to become one of the most valuable financial technology firms after the deal.
The latest reports about Revolut came nearly 4 weeks after Klarna, the Sweden-based financial technology firm, raised $639 million in a funding round led by SoftBank’s Vision Fund 2. Klarna also received a valuation of $45.6 billion, which is the highest valuation received by a private fintech firm in Europe.
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Revolut has expanded its services significantly since the start of 2021. In April 2021, the fintech firm expanded its cryptocurrency offerings with the addition of 11 digital assets including Cardano, Uniswap, Synthetix, Yearn Finance, Uma, Bancor, Filecoin, Numeraire, Loopring, Orchid and The Graph.
During the last few months, the institutional interest in fintech has increased rapidly due to a surge in global adoption. Earlier this month, Finance Magnates reported about the participation of PayPal Ventures in the latest $40 million funding round of financial technology firm, Codat. In June 2021, the Bangalore-based financial technology firm, Slice raised $20 million in an effort to transform India’s credit card market.
Despite the overall losses in 2020, Revolut aims to accelerate its global expansion due to a rise in demand for its financial products. Revolut mentioned that it was profitable in the last two months of 2020. The fintech firm is planning to expand its presence in different regions including India, Latin America and South Korea. In March 2021, the financial technology platform officially rolled out its business accounts in the United States across all 50 states for expansion.