Coronavirus: United Kingdom, facing worst recession on record, sees GDP drop 20.4% in Q2

The UK has seen its economy, hit by the coronavirus crisis, suffer a "record" contraction of 20.4% in the second quarter, and is officially facing its worst recession on record, agency figures show National Statistics (ONS), published Wednesday 12 August. 
Economists consider that a country enters a technical recession when it accumulates two consecutive quarters of contraction in its economy. According to the ONS, most of the contraction, which began to be felt in March, occurred in April, an entire month of containment and almost total cessation of activity in the country, which saw production collapsed by 20%.

With a very early recovery in construction sites and manufacturing activity, gross domestic product (GDP) rebounded in May by 2.4% (revised figure), followed by an acceleration in June (+8.7 %) thanks in particular to the reopening of all shops. This is the biggest contraction in the UK economy since the ONS began these quarterly statistics in 1955, he said…

Revolut raises $ 500 million for a $ 5.5 billion company valuation

Revolut, the global financial platform with more than 10 million customers worldwide, announces that it has raised an additional $ 500 million in Series D, raising the total raised by the company since inception to $ 836 million. The new round was led by the US private equity firm TCV, accompanied by a number of existing investors also participating in the round. The financing values the company $ 5.5 billion, making Revolut one of the highest valued fintech companies in the world.

Revolut, the global financial platform

The new capital injection was obtained thanks to strong demand and customer engagement, as well as the good financial results obtained last year. In 2019, Revolut saw its user growth grow by 169%, its number of daily active customers by 380%, and its 2018 financial results by 354%.

The new capital will be used to strengthen the user experience and Revolut’s offerings for individuals and professionals in existing markets, with particular attention paid to the development of products that promote the daily use of accounts. Future plans include loan services for personal and business customers, expanding savings accounts outside the UK, strengthening customer service and rolling out banking operations across Europe. The company now employs more than 2,000 people.

Revolut will also focus on the development of Premium and Metal, its subscription accounts. These have proven to be important sources of income, up 154% over the last financial year. Many benefits are included in Revolut Premium and Metal accounts, such as unlimited currency exchange, access to airport lounges, free stock trading and travel insurance.