UK fintech behemoth Revolut is touting a close to 50% revenue surge as it seeks to raise funding at a $75bn valuation in a round codenamed Project Athens, reports say.
According to investor documents cited by Bloomberg, the fintech recorded £1.01bn in revenue in the second quarter of this year, up from £694m in the same period last year.
Founded in 2015, Revolut has over 60m customers and operates in more than 40 countries globally, with a view to becoming one of the top three finance apps in every country it operates in.
According to the documents, Revolut is said to have seen accelerating revenue growth in recent months. Last month, the fintech generated £410m in revenue according to the documents, and it’s now on track to generate more than £4.1bn in annual revenue. The funding round, a portion of which could be used to finance an acquisition of a US bank, is codenamed internally as “Project Athens”, according to people familiar with the matter cited by Bloomberg.
It’s also separate from the secondary share sale Revolut is currently conducting, which would enable employees to sell their shares in the company at a $75bn valuation.
Sifted has contacted Revolut for comment.
