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💳 Revolut becomes the most valuable UK startup

💳 Revolut becomes the most valuable UK startup
By London Startup Club • Issue #12 • View online

They’ve only gone and done it, Revolut is now the most valuable UK startup valued at £24billion after a £579m raise from SoftBank and Tiger Global Management - now holding a 5% stake.
With this serious raise, they plan to continue growing by launching new markets in India and the US.
However despite its rapid growth, now with more than 15 million users, Revolut has its sceptics. Some argue its valuation doesn’t quite add up when compared to other banks like Lloyds, and struggle to see how they have increased their valuation 6 fold in just a year.
Say what you will - it’s a great success story for the UK and London. This raise makes Revolut the most valuable tech company ever in Britain and making founder Nikolay Storonsky one of Britain’s youngest billionaires.
It’s also a win for Chancellor Rishi Sunak as he wants to make London the place for companies looking to really scale, after talks of Revolut considering listing on the London Stock Exchange.
Haris Qureshi, Editor & Co-Founder @ London Startup Club
Top News
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  • Skymind, which bills itself as the world’s first dedicated AI ecosystem builder, is focusing on the UK with its $800 million AI investment fund. More here
  • London-based Untitled Ventures has raised a new, €100m fund focused on deeptech startups founded by eastern European entrepreneurs who have or are looking to relocate their business to western Europe and the USA. More here
  • Investment from Asia has surged this year, here’s a look at the top 10 investments so far in 2021
Funding Rounds
The YuLife team
The YuLife team
  • Bower Collective, a sustainable home and personal care product platform, has raised £2.1 million in seed-stage funding. More here
  • London-based startup Collective Benefits has raised £6m in funding to further expand its reach across Europe. More here
  • London insurtech YuLife nabs $70M at a $346M valuation for its gamified, wellness-oriented approach to life insurance. More here
  • Embedded finance platform Railsbank, which enables fintechs, supermarkets, telcos, and consumer brands all over the world to build new financial offerings picked up $70 million in funding. More here
International Highlights
Snippet from the Zoom investor deck regarding the Five9 acquisition
Snippet from the Zoom investor deck regarding the Five9 acquisition
  • Acelerate raises $14.44M Series A to add cloud kitchens to existing restaurants, more here
  • Egypt’s Trella raises $42 million Series A led by Maersk and Raed Ventures, more here
  • SmartRecruiters raises $110M at a $1.5B valuation to expand its end-to-end recruitment platform, more here
  • Zoom buys cloud call centre firm Five9 for $14.7 billion, more here
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