Nik Storonsky (right)/Revolut
Revolut is the UK’s most valuable fintech after bumper $800m Series E
SoftBank Vision Fund 2 and Tiger Global joined the funding round as new investors.
The digital banking service has closed an $800m Series E seeing its valuation skyrocket to $33bn, just a slight jump up from the $5.5bn valuation it secured in February 2020 and solidifying its position as one of the most valuable fintechs in the world.
Revolut’s latest funding efforts was led by new investors SoftBank Vision Fund 2 and Tiger Global Management.
“SoftBank and Tiger Global’s investments are an endorsement of our mission to create a global financial super app that enables customers to manage all their financial needs through a single platform,” Nikolay Storonsky, CEO and founder of Revolut said.
“This funding round makes Revolut the UK’s most valuable fintech, demonstrating investors’ confidence that we can deliver products that raise the bar for customers’ expectations across the whole financial services industry.”
Storonsky added that the fresh cash would be used to accelerate Revolut’s growth plans, in particular, the development of its ‘super app’ and create “increasingly personalised” products for its 16m customers around the world.
“It’s great news that Revolut has raised a further $800m and plans to expand even further – creating more jobs here in the UK,” Chancellor of the Exchequer Rishi Sunak, added.
“We want to see even more great British Fintech success stories like Revolut, which is why I’ve published a roadmap setting out how we will ensure the UK sector remains competitive, forward-looking, and dynamic.”
SoftBank’s interest in Revolut was first reported in 2018 after rumours swirled that the fund was lining up $500m for the fintech, but hopes of the tie-up were dashed in 2019 when WeWork, the cornerstone of SoftBank’s portfolio, faltered and the fund suddenly found itself a bit strapped for cash.
Revolut also plans to use the cash to explore wealth management, something its chairman Martin Gilbert first alluded to in June this year, and also strengthen its presence in the US, where it has just applied for a banking licence, and India, where it has recently put down roots.