RATE Group | Crypto-Friendly Banking App Now One of Europe’s Most Valuable Fintechs
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Crypto-Friendly Banking App Now One of Europe’s Most Valuable Fintechs

25 Feb Crypto-Friendly Banking App Now One of Europe’s Most Valuable Fintechs

Posted at 11:09h in Cryptocurrency News by

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United Kingdom-based digital bank Revolut has raised $500 million in a fresh funding round and tripled its valuation to hit $5.5 billion. This, as the Financial Times reported on Feb. 25, makes the crypto-supporting app one of Europe’s most valuable fintech firms.

Since late 2017, Revolut’s app has enabled its users to complete transactions in cryptocurrencies that include Bitcoin (BTC), Litecoin (LTC), Ether (ETH) and XRP. 

In Dec. 2018, the firm received a banking license in Lithuania, paving the way for a transition away from prepaid cards toward offering a fuller suite of banking services.

Valuation equals erstwhile record for European fintech

The new funding round was led by Silicon Valley venture capital group TCV, which invests in major tech players such as Facebook, Airbnb, Tripadvisor, LinkedIn and Spotify. 

TCV’s $5.5 billion valuation of Revolut equals the previous record set by a private European fintech, Sweden’s Klarna, in 2019.

In 2018, the firm had been valued…

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