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.
Access this research
Enter your work email address to sign in or check whether your organisation already has access to Euromoney.
