Digital banking app Revolut has shrugged off the fallout from a disastrous advertising campaign to attain a valuation of £4.2bn, making it the UK’s most valuable financial technology startup.
The strong showing follows a £387m cash infusion by US fund Technology Crossover Ventures (TCV) - an early backer of Spotify, Netflix and Airbnb - which helped propel the banking solution past its nearest rivals OakNorth and Monzo which are valued at £2.2bn £2bn respectively.
This represents a dramatic reversal in fortunes for Revolut which just last year was valued at £1.3bn after diversifying from a pre-paid card to the provision of a full suite of financial services from current accounts and cryptocurrency to business banking and stock trading.
Founder Nikolay Storonsky said: “Going forward, our focus is on rolling out banking operations in Europe, increasing the number of people who use Revolut as their daily account, and striving towards profitability. TCV has a long history of backing founders who are changing their industries on a global scale, so we are excited to partner with them as we prepare for the next stage of our journey.”
It comes as a positive news following a year which saw it battle several negative headlines, ranging from its blatant copying of Spotify's OOH campaign which highlighted user listening habits to having a money laundering loophole and cultivating an exploitative workplace culture.