These two companies – Softbank and Tiger Global – are bold, and are increasingly peerless on their radical massive capital injection, without certainty, towards accelerating growth in digital companies. Great things happen when both combine: “The British fintech firm Revolut has raised $800 million in a new round that values it at a whopping $33 billion, or six times its valuation last year. Revolut is now Europe’s second-biggest fintech unicorn after Klarna, and the biggest in the U.K. The latest round was led by SoftBank and Tiger Global”, notes Fortune.
The new money will be used to fund London-based Revolut’s expansion into new products and markets including the U.S. and India, according to a statement Thursday.
The funding increases Revolut’s valuation six-fold from a fundraising round in 2020 and makes Revolut the U.K.’s most valuable startup, surpassing Checkout.com’s $15 billion mark.
- British fintech firm Revolut said it has raised $800 million in a new funding round led by SoftBank and Tiger Global.
- The round values Revolut at $33 billion, a sixfold increase on the $5.5 billion the company was worth last year.
- Fintech start-ups have been on a funding spree lately, raising a record $33.7 billion in the second quarter of 2021.
Africa needs a firm with DNA like that of SoftBank and Tiger Global. Tell me something: I admire SoftBank and Tiger Global because they blitz, a defensive strategy in American football which pushes all available players against an offense (the quarterback) at a high risk, high reward play. If they miss it, they will likely get beaten by a touchdown but if they succeed, they freeze the offense.
Africa needs that playbook.
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It’s a gamble, with many uncertainty, that is why it’s only for the BOLD!
Nevertheless, African’s are just that. But this time we need to channel our unrelenting spirit to putting money into this kind of things.
Kindly correct- *data driven gamble.
Further, there is no better time to understand Warren Buffet, and The Tiger amongst bears and bull.
The Next Africa is here.
A wish? We are still too worried about survival, so we don’t consider risk taking as deliberate or intentional, but rather accidental.
Paystack went for? And we were dancing azonto and shaku shaku, citing the example virtually everywhere, like Jesus’ words in the Gospel. Why? Because a foreign firm found us worthy and decided to part with something we consider so ‘big’.
The start-ups we give away significant equity for mere $2 million or $3 million, why is it so? Because we do not have local VCs that would have helped to mark up their valuations!
What do you think will happen when a foreign firm is pricing $2 million and a local one is pricing $5 million? It will spark a bidding war, and valuation will skyrocket! We remain underpriced and undervalued in this continent, because our own people do not help prop up the valuations; we lack ambition.
What is the population of the UK and entire Europe put together, and what resources does that continent have, compared to other parts of the world? If you ask me, Europe ought to be the poorest continent, but it has enough smart and con men who can both steal and prop up valuations; nothing special.
In our case, we do not know our worth, how to grow or when to sell; just floating.
Speaking of prop uped valuation is there not consequence to that?