Revolut has become the UK’s most valuable FinTech after raising $800 million in a Series E funding round.
The British company, which was launched in 2015, is now valued at $33 billion.
The funding brought on two new investors, SoftBank Vision Fund 2 and Tiger Global Management.
Last week it was reported that Softbank was considering investing up to $1 billion in the digital bank.
Revolut said the money would be spent on furthering its growth plans, in particular its ongoing product innovation.
It will also support the expansion of Revolut’s offering to US customers and its entry to India and other international markets.
“SoftBank and Tiger Global’s investments are an endorsement of our mission to create a global financial superapp that enables customers to manage all their financial needs through a single platform,” said Nikolay Storonsky, founder & chief executive of Revolut. “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.”
The chief exec said that the company is building a full financial product suite in a single app and promised increasingly personalised customer experiences.
“It’s great news that Revolut has raised a further $800m and plans to expand even further – creating more jobs here in the UK,” said UK chancellor Rishi Sunak. “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.”
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