Revolut to invest $13bln as it targets 100 million users

The $13 billion investment also includes a $500 million previously-announced outlay in the US and a $1.2 billion commitment to its Western Europe hub in France

Revolut plans to enter 30 new geographies by the end of the decade, a strategy that will ultimately see the fintech invest $13 billion as it tries to amass 100 million users.

As part of the push, Revolut will invest $4 billion into its business across the UK, helping it create 1,000 jobs in the fintech’s home market. The announcement came as Revolut opened its new global headquarters in London on Tuesday.

From our roots here in the UK, we’ve grown to serve over 65 million customers globally, chief executive officer Nik Storonsky said in a statement. This HQ will be central to driving our growth towards our next milestone of 100 million customers.

The $13 billion investment also includes a $500 million previously-announced outlay in the US and a $1.2 billion commitment to its Western Europe hub in France. While Revolut declined to specify where the remaining $7.3 billion would be invested, a spokesperson said the money would go towards expanding the firm’s global network of banks, recruitment and other operational upgrades.

It has since grown to become one of Europe’s most valuable startups. The company is on track to deliver more than £4.1 billion ($5.52 billion) in annual revenue this year, a fact it has been touting as it courts investors for a fundraising that is set to value the fintech at $75 billion, Bloomberg previously reported.

It is a vote of confidence in the region, and proof that European companies exceeding $50 billion valuations and thousands of employees are quickly becoming the norm, said Martin Mignot, partner at Index Ventures, one of Revolut’s largest investors.