Revolut says it is now worth $115 billion after new funding, while a U.K. regulator reportedly looks at how fast the money app is rolling out new products.
Revolut, the money app, announced Wednesday that it is now valued at $115 billion after its latest round of funding. The U.K. company says its growth is backed by strong financial results. At the same time, a British regulator is reportedly checking how quickly it launches new products.
The new valuation follows a busy stretch. Revolut won conditional approval for a banking charter in the U.S. A charter is the license a company needs to operate as a bank. Conditional means the approval depends on the company meeting certain requirements. Revolut has also launched banks in Great Britain, Mexico, Australia and New Zealand.
Founder and CEO Nik Storonsky said every new bank means more people get a better way to manage their money. He also said employees were again given the chance to share in the value they helped create.
Last week, a report said the Bank of England's Prudential Regulation Authority had begun looking into the risks tied to the speed of Revolut's product launches. That report came one day after Revolut unveiled its first credit product as a licensed U.K. bank.
The loans range from 2,000 pounds (around $2,700) to 25,000 pounds (around $33,000). They can be repaid over one to five years. Revolut says there is no fee for early repayment and that funds arrive near-instantly once a loan is approved.
People who already use Revolut, or may open an account as it adds banks in new countries, are the most directly touched. Faster growth can mean more services in one app. A regulator watching the pace is a reminder that new products can carry risks that take time to understand.
The material does not say how much money Revolut raised or who invested. It also does not say how many customers the company has today. There is no word on what the regulator's review will find, or when the U.S. charter could become final.
Revolut is growing fast and adding products, so users should watch how regulators respond before relying on every new feature.
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