Revolut CEO Nikolay Storonsky. Photo by Eric Piermont/AFP/Getty Images

Revolut, a London-based digital banking startup, raised $250 million in new funding at a $1.7 billion post-money valuation.

Why it's a big deal: Revolut's growth is astounding, even within the context of London's burgeoning digital banking sector (e.g. TransferWise, Monzo, etc.).

It claims to have doubled its customer base to two million in the past five months and reports 250,000 daily active users — all just three years after initial product launch.

  • Investors: DST Global led, and was joined by Index Ventures and Ribbit Capital.
  • Bottom line: "Revolut offers most of the features you’d expect of a current account, including physical and virtual debit cards, direct debits and money transfer. Its 'attack vector' (to borrow Monzo’s Tom Blomfield’s phrase) was originally low exchange fees when spending in a foreign currency, which undoubtedly fueled much of the startup’s early growth." — Steve O'Hear, TechCrunch

Go deeper

Dan Primack, author of Pro Rata
5 mins ago - Economy & Business

U.S. nutritional supplements retailer takes first step to sell to China’s Harbin Pharma

Illustration: Sarah Grillo/Axios

GNC Holdings, the Pittsburgh-based nutritional supplements retailer, received bankruptcy court approval to sell itself to China’s Harbin Pharma for $770 million, although the deal still faces U.S. political pressures over how GNC customer data is protected.

Why it matters: It's a reminder that the U.S.-China merger mess goes well beyond smartphone apps, with Sen. Marco Rubio asking for a CFIUS review.

Ben Geman, author of Generate
1 hour ago - Energy & Environment

Tallying Trump's climate changes

Reproduced from Rhodium Climate Service; Chart: Axios Visuals

The Trump administration's scuttling or weakening of key Obama-era climate policies could together add 1.8 gigatons of carbon dioxide equivalent to the atmosphere by 2035, a Rhodium Group analysis concludes.

Why it matters: The 1.8 gigatons is "more than the combined energy emissions of Germany, Britain and Canada in one year," per the New York Times, which first reported on the study.

Boeing's one-two punch

Illustration: Aïda Amer/Axios

The grounding of Boeing’s 737 MAX was the worst crisis in the plane-maker’s century-long history. At least until the global pandemic hit.

Why it matters: Wall Street expects it will be cleared to fly again before year-end. Orders for what was once the company’s biggest moneymaker were expected to rebound after the ungrounding, but now the unprecedented slump in travel will dash airlines’ appetite for the MAX and any other new planes, analysts say — putting more pressure on the hard-hit company.