Revolut fintech value skyrockets 500 percent post new financing round of 800 million dollars - The British financial superapp Revolut has announced a new round of funding for 800 million dollars (about 680 million euros). With this move, led by the funds SoftBank Vision Fund 2 and Tiger Global, the fintech achieves a series E and is valued at 33,000 million dollars (almost 28,000 million euros).

In this way, its valuation skyrockets 500% compared to the previous round when the company was valued at 5,500 million dollars (about 4,700 million euros).

The company's previous funding rounds were a $ 500 million series D that was achieved in February 2020, with a subsequent expansion of $ 80 million. This followed a series C round of $ 250 million, a series B of $ 66 million and A series A of $ 8.9 million.

Revolut fintech value skyrockets 500 percent post new financing

In a statement, the company explains that the investment will allow it"to advance its growth plans, in particular in its constant product innovation, aimed at meeting the daily financial needs and aspirations of its customers, from quick and simple global transfers or the management of everything related to savings or insurance, to the democratization of investments and wealth".

The new round of funding will also serve the company's expansion outside of European markets and will therefore allow for the expansion of Revolut's offering to U.S. customers and its entry into India and other international markets.

Revolut fintech value skyrockets 500 percent post new financing

"The investments of SoftBank and Tiger Global support our mission to create a global financial superapp that allows our clients to manage all their financial needs from a single platform. This round of funding makes Revolut the most valued fintech in the UK, demonstrating investor confidence that we can create products that raise the level of customer expectations across the financial services industry,” says Nikolay Storonsky, founder and CEO of Revolut, in the same statement.

Revolut fintech value skyrockets 500 percent post new financing

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Negotiations for the repeal of the labor reform will extend beyond the summer and complicates its approval before 2022

The agreement for the partial repeal of the labor reform approved in 2012 will have to wait. 4 months after the Ministry of Labour, trade unions and employers ' associations began negotiations on amendments to these regulations, which focus on limiting temporary and traineeship contracts and subcontracts or prioritizing sectoral agreements over company agreements, the social dialogue is still not making significant progress.

While the dialogue is focusing on the last few weeks in measures to reduce the high rate of temporary employment in the labour market and to address the abusive use of the contracts of practices among the younger workers, as they have claimed the community authorities, the employer maintains its rejection of all the amendments proposed by Work, ensuring that damage growth and employment.

In particular, the CEOE is opposed to limiting temporality and subcontracting by ensuring that they will entail costs, risks and greater bureaucratic burdens for companies, which they consider will be deprived of flexibility to decide on wages and hours. The second vice president and minister of Labor, Yolanda Díaz, has already warned the employers that they could approve the labor reform without their support, as happened in 2012, pointing out that they do not have the right to veto.

However, despite the distance between the positions of the Government and the employers, both parties have met again this Wednesday with the unions to try to bring closer positions about the modifications in the training contracts, according to Cinco Días, which ensures that Labor and social agents will meet again on July 28 for a meeting prior to the summer break.

Thus, the agreement on the repeal of the labour reform will not arrive until after the summer, complicating the objective of getting parliamentary approval of the new labour regulations before 2022, as the Executive has promised Brussels. To speed up the dialogue, Labor has proposed incorporating proposals from employers and unions after CEOE and Cepyme threatened to leave the table if the government did not change its approach, according to the economic newspaper.

For his part, Yolanda Díaz assured Wednesday that the agreement on labor reform is possible without partisan approaches, asking the employers to be up to the circumstances after closing in band to the job proposals to reform the types of contracts, as he said in an interview on Antena 3 in which he described as unbearable the level of precariousness and temporality in the Spanish labor market.

Economic vice president Nadia Calviño, said on Wednesday in Cadena SER that the Government will concentrate efforts on approving the labor reform before the end of the year, noting that it is necessary to apply as soon as possible a regulation that supports the creation of quality employment and that addresses the problems created by the previous reforms, which she has described as partial.