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Cryptocurrency News

Crypto friendly bank now valued at $5.5 billion

TCV, an early investor in both Facebook and Netflix just helped the fintech bank Revolut raise $500 million at a massive $5.5 billion valuation. This ties it with Klarna, an e-commerce payments startup, as the most valuable European fintech company.

The last round valued Revolut at $1.7 billion in April 2018, meaning they tripled their valuation in less than two years.

Fintech banks have become abundantly present in Europe, from Monzo to Startling to N26. Although there are multiple differentiating factors that sets Revolut apart, and allow it to have this high of a valuation; one of these factors is their offering of cryptocurrencies (BTC, ETH, XRP, BCH, LTC).

Although they cannot be sent from an external wallet and have to be purchased on the platform itself and kept there, they have created the easiest and most convenient way for people to gain exposure to cryptocurrencies.

The bank is currently live in the UK, Europe and Singapore and currently in the beta phase in Australia. The new funds will be used to tap into new markets and expand even further. From a cryptocurrency perspective, this will allow Revolut to offer cryptocurrencies to new customers from around the globe in a way no other bank has been able to yet.

This valuation, acceleration and outperformance to every other fintech bank communicates a message to the other banks. In order to retain and gain new customers, new products and services have to be offered just like Revolut has done.

Image ℅ Revolut

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