Revolut has hit a $33 billion valuation with its $800 million Series E, making the challenger bank the UK’s most valuable venture-backed company as prices for European fintech startups surge to record heights.
Revolut is now worth six times as much as its previous valuation of around $5.5 billion, reached a year ago. Its soaring value follows in the footsteps of Swedish giant Klarna, whose June fundraise valued it at $45.6 billion—a 47% step-up. On the public side, payments company Wise achieved a market cap of £8 billion (around $9.5 billion) in its direct listing earlier this month, almost double the $5 billion valuation the payments company achieved in 2020.
The growth in late-stage valuations has been accelerated by an increase in both the size and frequency of European deals, according to PitchBook’s Q1 2021 European VC Valuations Report. Foreign and nontraditional investors are a driving force behind the rise in prices, and capital options for startups have expanded as backers have been increasingly willing to invest more capital into companies to maximize their growth ahead of exits.
Read more/Source: Pitchbook
