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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

Ben Geman, author of Generate
4 mins ago - Economy & Business

Tesla's wild rise and European plan

Tesla's market capitalization blew past $500 billion for the first time Tuesday.

Why it matters: It's just a number, but kind of a wild one. Consider, via CNN: "Tesla is now worth more than the combined market value of most of the world's major automakers: Toyota, Volkswagen, GM, Ford, Fiat Chrysler and its merger partner PSA Group."

Dave Lawler, author of World
45 mins ago - World

China's Xi Jinping congratulates Biden on election win

Photo: Paul J. Richards/AFP via Getty Images

Chinese President Xi Jinping sent a message to President-elect Biden on Wednesday to congratulate him on his election victory, according to the Xinhua state news agency.

Why it matters: China's foreign ministry offered Biden a belated, and tentative, congratulations on Nov. 13, but Xi had not personally acknowledged Biden's win. The leaders of Brazil, Mexico and Russia are among the very few leaders still declining to congratulate Biden.

Kendall Baker, author of Sports
2 hours ago - Sports

College basketball is back

Illustration: Sarah Grillo/Axios

A new season of college basketball begins Wednesday, and the goal is clear: March Madness must be played.

Why it matters: On March 12, 2020, the lights went out on college basketball, depriving teams like Baylor (who won our tournament simulation), Dayton, San Diego State and Florida State of perhaps their best chance to win a national championship.