Revolut has 24 months of funding in the bank, says Storonsky

By Oliver Smith on Monday 4 July 2022

Digital Banking

The CEO bats off any suggestion of the fintech facing a down round.

Revolut has 24 months of funding in the bank, says Storonsky
Image source: Nik Storonsky (right)/Revolut.

Revolut is not currently looking to raise additional capital, CEO and co-founder Nikolay Storonsky said on a panel at TheCityUK’s annual conference in London last week.

Storonsky also ruled out taking Revolut public in the next 24 months, due to the current market turbulence, saying that his company has enough funding to last the next two years.

Revolut last raised funding in July 2021 when it secured $800m in a Series E funding round led by SoftBank Vision Fund 2 and Tiger Global that valued the fintech at $33bn.

In comments first reported by Bloomberg, the CEO speaking on the panel last week joked that Revolut “now can probably buy” its Swedish peer Klarna, which has reportedly had to slash its valuation to as low as $6.5bn.

Across the fintech sector a wave of lay offs, down rounds and general uncertainty is rife, with Klarna and SumUp becoming the poster children of the downturn.

While Revolut may be able to avoid a similar fate, Storonsky gave no impression that the fintech would be slowing down, adding that it was “aggressively expanding” in Latin America, India and the Philippines while also looking to grow in the Middle East.

Storonsky made a brief mention of Revolut’s UK banking licence application, saying he hopes the FCA will give the company the greenlight “as soon as possible”, but holding back from some of the more critical language he’s used in the past.

On LinkedIn, Revolut’s social accounts promoted the CEO’s statements but also added that the company is “now profitable”, a comment that Storonsky didn’t actually make and that was later removed from the post.

While Storonsky has made statements in public that Revolut is profitable, the group’s 2021 financial accounts have yet to be published, so it is not yet clear what measure of profitability Storonsky refers to.

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