Revolut Partners With JP Morgan Investment Bank To Organize A New Financial Round
The British "unicorn" founded by Nikolai Storonski, to attract $ 1.5 billion from investors and increase its valuation to $ 10 billion. Thus, Revolut can become the most expensive fintech startup over Europe. This is reported by Sky News, citing unnamed sources.
Therefore, Revolut partners with JP Morgan, to raise $500 million in investments and $1 billion in convertible loans. Revolut expects if the transaction is successfully closed, the company's valuation will rise to $ 5-10 billion. Sky News noted that details of the upcoming deal are unlikely to be released in the coming months.
Sky News reports that Storonski plans to use raised money to expand globally, which caused the company’s net loss to reach $ 40.3 million. Earlier, he said that Revolut plans to raise another $ 500 million in 2019. However, it seems that entering new markets requires more money than the startup expected.
Recall that at the end of last month, Revolut and Visa announced an expansion of cooperation. With the support of the payment system, the startup is planning to launch its services in 24 new countries.
By the end of this year, Revolut will begin operating in eight new countries. Next year it will enter such markets as Latin America and Asia. The company intends to cover a total of 56 new markets. Revolut will expand its customer base in two or even three times in 2020. According to the latest data, about 8 million people use the services of the company.