Contact Us

+350 20079000

This data will only be used by Hassans for processing your query and for no other purpose. View our privacy policy
| 1 minute read

More Money, More Problems (for Revolut's competitors)

Revolut has completed its latest financing round, raising approximately £387 million from a group of investors led by the US fund Technology Crossover Ventures. The UK based fintech firm is now valued at £4.2bn - triple its previous valuation of £1.3bn in 2018.

Revolut’s intention is to use the funds to expand its banking operations across Europe. This means Revolut users could in the future have an alternative method of accessing credit products, which typically would have been offered by brick and mortar banks. 

It will be interesting to see whether Revolut will go beyond offering retail and business loans. Issuing credit cards may be one product that they explore to compliment the pre-paid cards that they currently provide. The expansion of Revolut’s products to loans and credit cards may result in Revolut users moving away from traditional banks altogether for their day-to-day banking needs.

However, while many consumers are embracing challenger banks, there is still a place for brick and mortar banks. Many consumers want the ability to enter their bank’s local branch and have face-to-face interactions with representatives of the financial institutions that they entrust to safeguard their money. Those consumers do not want to discuss their finances through an online chat or over the phone. The ability to talk face-to-face and resolve any issues or questions in person is still desired by many, particularly when it relates to mortgages and large loans.

Time will tell whether Revolut can successfully take the next step into the banking world. One thing is for certain though, increased competition in this space can only be a good thing for consumers.

Revolut Ltd. has raised $500 million in a funding round that values the London financial-technology firm at $5.5 billion, making it one of Europe’s most valuable fintech startups despite still being loss-making. The company will use the cash for product development and to increase banking operations across Europe, it said in a statement on Tuesday. Revolut said it plans to begin making loans for retail and business banking customers, expand its savings accounts beyond the U.K., and improve its customer service.

Top-ranked in all practice areas in Legal 500 EMEA 2024

Hassans is pleased to announce that it has once again achieved top tier rankings in all areas covered by Legal 500 EMEA for Gibraltar....

Posted on
Read more

Latest Insights

Upcoming compulsory pensions deadlines for Medium, Small and Micro companies

As many employers will be aware, following the enactment of the Private Sector Pensions Act 2019 (“the Act”), which came into force in...

Posted on
Read more

Ethical Gambling Forum 2024

The Ethical Gambling Forum 2024 was held at the Sunborn Hotel, Gibraltar, last week attended by gambling operators and service providers...

Posted on
Read more

Insurance and Reinsurance Comparative Guide

Hassans' Head of Insurance Yvonne Chu has contributed to Lexology's most recent Panoramic Guide relating to Insurance and Reinsurance. ...

Posted on
Read more