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Fintech bank Revolut $33bn valuation creates founder billionaires
- Thursday | 15th July, 2021
LONDON (Reuters) – British-based banking app Revolut’s latest $33 billion valuation, achieved after a fresh funding round, has likely made its cofounder and Chief Executive Nik Storonsky a billionaire several times over. It broke from the pack with an early foray into offering cryptocurrencies, scooping up millions of customers in the process. “The fact that Revolut’s valuation has risen 6x in a year where they also reported increased losses will add fuel to the fire that fintech valuations have become overblown,” said Adam Davis, director of client services at fintech consultancy 11:FS. Storonsky runs Revolut with co-founder Vladyslav Yatsenko, a software developer who worked at UBS and Deutsche Bank. ($1 = 0.7229 pounds)(Reporting By Lawrence White, Anna Irrera and Iain Withers; Editing by Kirsten Donovan)Related article: Revolut wants to raise $500 million to expand into Japan, US
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