Revolut Gears Up For New Funding; Could Push Valuation To $10 Billion

London-based FinTech Revolut is on track to a fundraise that would value the company at between $10 billion and $15 billion, Sky News reported, citing unnamed sources.

The company will use U.S. FinTech-focused investment bank FT Partners to guide the equity fundraising round, which would happen after the summer, Sky News reported. Even a $10 billion valuation would make company founder Nik Storonsky a multi-billionaire in U.S. dollars.

According to its marketing materials, Revolut has 15 million personal customers, 500,000 business customers, operates in more than 28 currencies directly from apps and can do business with people in more than 35 countries.

In February 2020, Revolut said in an announcement that it raised $500 million in Series D funding that valued the company at $5.5 billion. U.S. investor TCV led the round.

Storonsky said at the time in the announcement: “We’re on a mission to build a global financial platform — a single app where our customers can manage all of their daily finances… Going forward, our focus is on rolling-out banking operations in Europe, increasing the number of people who use Revolut as their daily account, and striving towards profitability.”

In July, Revolut raised an $80 million extension to the Series D round, according to a separate announcement, and stated it would be used “to accelerate the roll-out of banking operations across Europe and launch new products in the United States.”

Revolut launched 2015 and by 2016 had 100,000 personal customers and in its first found raised $15 million, according to its website. In 2017, it began trading in cryptocurrencies and raised another $66 million. In 2018, the company raised $250 million from investors. In 2019, it began to offer fractional trading.

Sky News noted that news of the Revolut’s new fundraising comes on the eve of U.K. FinTech Week. Industry players and government regulators often use related events to make big announcements.