A financial technology company is aiming to reinforce its $75 billion valuation by showcasing impressive revenue growth while considering an expansion into the U.S. market. The second quarter alone saw a revenue increase of 46% year-over-year, reaching $1.4 billion, as preparations for a fundraising round are underway.
Recent data indicates that revenues for the second quarter climbed to £1.01 billion, markedly rising from £694 million the previous year. The upward trend continued, with July figures showing £373 million and August hitting £410 million. This positive trajectory suggests the company could surpass £4.1 billion in annual revenue compared to £3.1 billion the previous year, during which it recorded a pretax profit of £1.1 billion. Currently, the company caters to over 60 million customers spanning Europe, Latin America, the Middle East, and Asia.
The upcoming fundraising initiative, internally dubbed “Project Athens,” is set to attract investor interest, with discussions suggesting the valuation could be firmly positioned at $75 billion. Furthermore, the company is reportedly looking at options to provide liquidity to existing shareholders; employees have considered selling their shares at the same valuation while the company recently proposed repurchasing up to 10% of shares from eligible investors.
A notable point in its growth strategy is targeting the U.S. market. The company may consider using funds from the fundraising to acquire a bank in the United States or alternatively, apply for its own banking license. The commitment to the U.S. is underscored by plans to invest over $500 million in the region in the coming years, aiming to create numerous jobs.
In addition to U.S. expansion, the company is actively pursuing opportunities in new markets. Recently, it obtained in-principle approval from the Central Bank of the United Arab Emirates for licenses related to Stored Value Facilities and Retail Payment Services, marking the UAE as an essential market due to its quick digital adoption and regulatory incentives for fintech innovations.
As competition intensifies in the financial technology sector, the company seeks to further solidify its position and appeal to investors by demonstrating not just its current financial health but also a clear strategy for future growth and expansion in untapped markets.