With the help of a fundraising initiative by SoftBank and Tiger Global Management, Revolut is now valued at $33 billion. The London-based digital banking startup has officially been labeled as the UK’s most valuable private fintech unicorn.
The fundraiser raised $800 million, which will be used to develop new products and stretch out its operations in international markets such as the United States and India.
Founded in 2015, the fintech company enjoys more than 16 million users. Revolut actively provides its customers across 35 countries with currency exchange, cryptocurrency services, wealth management and investing services.
According to the BBC, the six-year-old fintech unicorn is now worth six times more than it was initially valued at last year. The skyrocketing revenues and funds helped Revolut beat NatWest, one of the UK’s Big Four retail banks.
During the initial stages of the tech enterprise, Revolut founder and CEO Nikolay Storonsky focused on breaking through the cryptocurrency market, which experts say was the main factor of Revolut’s success.
In a statement made on Thursday, Storonsky emphasized the company’s enthusiasm in obtaining this large investment, mentioning that as Revolut expands into new markets “we are encouraged by our customers’ enthusiasm for Revolut.”
Karol Niewiadomski, senior investor for SoftBank, expressed that Revolut’s “rate of innovation has redefined the role of financial services, placing it at the forefront of Europe’s nascent neo banking sector.”
According to a report from London & Partners in collaboration with Dealroom, a data provider on international startups and companies, London currently holds 29 tech startups that are valued at more than one billion dollars.
In the first six months of 2021, the UK’s capital ranked second for having the highest number of venture capital investments in fintech, following San Fransisco.
It is important to note that a traditional bank would have never been able to reach the same valuation as Revolut in only six years, according to professor of Business Economics at Oxford University, Nir Vulkan. Fintech companies are rapidly growing, causing a disruption within the traditional means of banking.
SXSW Online awards 8 tech company as part of this year’s pitch demos
The popular South by Southwest cultural event, a virtual gathering this year, has announced the winner of the Pitch Event, as part of the SXSW Online digital event, with innovative recipients ranging from AI to wearable startups.
“Now in our 13th year of programming, Pitch continues to showcase the best technology from around the world, proving our dedication to highlighting today’s most forward-thinking movers and shakers,” said SXSW Pitch event Producer, Chris Valentine.
“Adapting to a digital experience can come with unexpected challenges, but this year’s event was a big success, and we’re thrilled to recognize each of the winners within this mature class of startups,” he noted.
This year’s SXSW Pitch featured 40 interactive technology companies from 8 different categories. These companies virtually pitched and participated in a 5-minute Q&A with three judges.
2021 Winners were announced on Saturday, March 20 at the 2021 SXSW Pitch Awards ceremony hosted by Co-Emcees Andrew Hyde, Paige Hendrix Buckner, and Mandela SH Dixon.
In addition to a winner chosen from each of the 8 categories, the most promising project of the finalists also took home the overall “Best in Show” award.
The category winners of the 2021 SXSW Pitch event in each category are: Artificial Intelligence, Parrot, Inc., Enterprise & Smart Data, Persefoni, Entertainment, Gaming & Content, holoride, Future of Work, Honest Jobs, Health, Wearable & Wellbeing: Leda Health Company, Innovative World, MolyWorks, Smart Cities, Transportation & Logistics, MicroTraffic Intersection Safety Plan 9, and Social & Culture demo, Applied Bioplastics.
SXSW Pitch 2021 crowned as “Best in Show” winner startup holoride as well as awarding “Best Bootstrap” to Refiberd, “Best DEI” to Sisu Global Health and “Best Alternate” to Colorcast.
Each of the winners received $1,000, two badges for next year’s SXSW conference, and most importantly, exceptional exposure to SXSW attendees and potential investors who are looking for the latest in cutting-edge technology and innovation.
Among the strong trends showcased at this year’s event were accelerated innovation within the Health, Wearable & Wellbeing and Future of Work categories, which can be attributed to the COVID-19 pandemic.
Additionally, there was a significant focus on applied artificial intelligence within this year’s presented ideas.
For a complete list of the 2021 finalists, including alternates, and the Pitch event judges, visit SXSW website.
Founded in 1987 in Austin, Texas, SXSW is best known for its conference and festivals that celebrate the convergence of the interactive, film, and music industries. This year the event moved to an all-digital format.
SXSW Online offered conference sessions, music showcases, film screenings, exhibitions, and a variety of networking and professional development opportunities. And as always, was a key information destination for global professionals.
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