Revolut valued at $5bn by investors ahead of new fundraising
17 Jan 2020Challenger Revolut is on its way to a $5 billion valuation according to the investor leading its upcoming funding round, which is expected to raise $500 million with the addition of a $1 billion convertible loan from JP Morgan.
Investor Technology Crossover Ventures (TCV) shared documents with Financial News which confirmed the round is expected to close in January and will leave the digital bank with a valuation nearly three times its last estimated valuation of $1.7 billion in April 2018.
This may come as a slight disappointment to Revolut’s CEO Nikolay Storonsky, after Sky News reports last year revealed Revolut had been looking at a valuation of between $7 billion and $8 billion from the 2020 funding round.
Despite losses doubling to £33 million ($43 million) in 2018 – even though revenue increased 354% the same year – the challenger went full steam ahead with its global expansion and major hiring spree in 2019.
Its deal with Visa allowed it to set up shop in eight new countries, reaching four of these (Singapore, the US, Australia and Canada) before the year was out. News of the deal came with a following announcement that it was set to hire 3,500 new staff.
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Privacy Policy
PURPOSE
The purpose of this Privacy Policy ("Policy") is to provide adequate safeguards for the handling of your Personal Data by ICC SOVEREIGN GROUP ("ICC") in accordance with the European General Data Protection Regulation (GDPR) and any other relevant Cyprus or European law.
DISCLOSURE OF PERSONAL DATA
We do not disclose your personal data to third parties other than for the purposes outlined in this Policy. Transfers to third parties may involve the exchange of such personal data with unrelated companies that provide support services for your account or facilitate your transactions with us, including those providing professional, legal or accounting advice to us.
SPECIAL CATEGORIES OF DATA
ICC will not process special categories of data ("sensitive data") without your prior explicit consent where this is necessary, unless otherwise required and / or enforced by law.
PURPOSES AND LEGAL BASES FOR THE PROCESSING OF PERSONAL DATA
We collect and process your personal data (1) after we obtain your consent for purposes marketing products that we believe you are interested in. We will therefore ask for your informed consent before we process any of your personal data for these specific purposes, (2) based on our legitimate interest in improving the content and functionality of our website, such as altering your personal information notifications, and (3) based on the necessity to perform activities in relation to the services we provide to you. We also process your personal data in order to comply with applicable laws and regulations.
YOUR RIGHTS
You have the right to access and update your personal information, the right to erasure, the right to portability of your data in a universally used form, the right of objection, and the right to object to automated decision-making. Please note that these rights are not absolute and therefore subject to exceptions under the Community or Cyprus Laws.
CONNECTIONS
If you follow a link to any other websites, we encourage you to keep in mind that these sites have their own privacy policies and that we do not take any responsibility or responsibility for these policies.
COOKIES
Cookies are small data files that are placed on your computer or on an Internet-enabled device from websites in order to add features. This allows sites to improve their way of working, such as storing user-expressed preferences or tracking the use of a site by a user for statistical analysis. Cookies do not contain personal information, but if you provide us with personal data, they can be linked to the data stored in the cookie.
The site uses the following types of cookies: Strictly necessary cookies for the operation of the site, and first-person cookies which provide us with personal data on the frequency of traffic.
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SECURITY
ICC is committed to preserving the confidentiality and integrity of personal data and to preventing unauthorised access to the data. We apply all required security measures to prevent any violation, alteration or destruction of personal data
DATA RETENTION
As long as there is no predetermined retention period required by law to retain any of your personal data, your personal data will only be retained for as long as it is necessary for the purposes of processing. We will then delete them safely taking all appropriate legal and technical measures.
TRANSFERS OF PERSONAL DATA TO OTHER COUNTRIES
ICC does not transfer personal data outside the EEA. However, if it is required to do so, it will implement appropriate transmission mechanisms in accordance with the law and will instruct you to inform you in advance.
REVISIONS
ICC reserves the right to modify this Policy at any time. Any changes will be posted on this page and, if necessary, will be communicated to you by email.
COMPLAINTS AND CONTACT DETAILS
If at any time a person would like to know more or believes that personal data concerning him / her are being processed in violation of this Policy, then he/she can file his/her complaints by sending an email to info@iccsovereigngroup.com or by telephone at +357 22490909.
Supervising Authority
You also have the right to file a complaint with the Supervisory Authority, which is the Privacy Commissioner's Office:
1 Iasonos Street, 1082 Nicosia, Cyprus
P.O.BOX 23378, 1682 Nicosia, Cyprus
Tel: +357 22818456
Fax: +357 22304565
E-mail: commissioner@dataprotection.gov.cy