Revolut’s Fundraising Journey
Revolut, the British mobile banking sensation, is on a quest to raise a staggering half a billion dollars in 2024. Why, you ask? To satisfy their expanding ambitions and put more hands on deck. According to insider intel from Reuters, CEO Nikolay Storonsky is planning not just for $500 million directly from investors but might pull a rabbit out of the hat later with convertible debt stretching up to $1 billion!
Why the Cash Splash?
With cryptocurrency transactions already part of their app’s flair since 2017, Revolut isn’t just standing still. They plan to strengthen existing alliances with big names like Visa and Mastercard while beefing up their workforce. It’s not a bad time to be in banking; especially when you’re part of the smartphone revolution!
Soft Marketing or Hard Negotiations?
Storonsky revealed that Revolut has been dancing the soft marketing tango with investors. They’re in talks with various late-stage growth funds and private equity investors, some of which are willing to fork out between $50–$100 million each. So, while the negotiations might be soft, the stakes are anything but!
Global Expansion on the Horizon
Imagine a world where Revolut is your go-to banking app no matter where you are! The company first hinted at such audacious plans on September 30, announcing its hunger to expand into countries like Australia, Brazil, Canada, Japan, New Zealand, Russia, Singapore, and the United States. A true global player in the making!
Hiring Spree to Fuel Growth
With lofty ambitions come lofty hiring goals. Currently housing 1,800 employees, the plan is to ramp this number up to 5,000 by late 2020. From tech experts to compliance gurus and data scientists, you might want to polish your resume if you’re looking for a job in fintech. Storonsky himself quipped that a cool 60% of his time goes into hiring alone. Sounds like Revolut is looking to build a powerhouse of talent!
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