Softbank and Tiger Global have bought into Revolut at a $33 billion valuation equivalent to the market capitalization of big-four UK incumbent NatWest, and about a third bigger than Deutsche Bank and Societe Generale.
The unlisted UK neobank is now only about 15% behind the market caps of Barclays and BBVA, two banks with billions of dollars in profit – and earning about 80 times more revenue than Revolut did last year.
“A lot of [fintech] firms are focused on a single product, like merchant acquiring, or a single geography, like the US or the UK,” chief financial officer Mikko Salovaara, tells Euromoney.
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