In today’s top news in digital-first banking, Revolut notched $800 million at a $33 billion valuation, while Transcard launched a Smart Disburse product for companies, banks and FinTechs. Plus, the European Central Bank (ECB) has started the investigation phase of its digital euro program.
Revolut, a FinTech based in London, reached a valuation of $33 billion after a $800 million funding round that was headed up by Tiger Global and SoftBank. Revolut Chief Financial Officer Mikko Salovaara said per a published report that the infusion is being set aside for the creation of new offerings and to help out with promotional efforts in India and the United States. “We think eventually we will be a public company but have no immediate plans to list,” Salovaara said, as per a published report. Revolut was established six years ago.
Payments and technology solution provider Transcard launched a new avenue for financial technology firms, banks and businesses to utilize various payment types or payment rails to make payments to suppliers and consumers. The Software-as-a-Service (SaaS) offering is named Smart Disburse. Transcard CEO Greg Bloh said in a release that the offering “helps drive digital transformation by disbursing all types of payments, including real-time payments, while facilitating the seamless exchange and real-time reconciliation of rich remittance data.”
The ECB said that it will start the investigation stage of its digital euro effort. The bank’s governing council said the investigation will go on for two years. “A digital euro must be able to meet the needs of Europeans while at the same time helping to prevent illicit activities and avoiding any undesirable impact on financial stability and monetary policy,” the ECB said in a release. “This will not prejudge any future decision on the possible issuance of a digital euro, which will come only later. In any event, a digital euro would complement cash, not replace it.”