Thursday 15th July, 2021
British-based banking and payments app Revolut has announced a $800m series E funding round, valuing the business at $33 billion. This funding round makes Revolut one of the UK’s most valuable fintech.
London-headquartered Revolut was founded in 2015 by the former Lehman Brothers trader Nik Storonsky.
The investment will enable the company to further its growth plans, in particular its ongoing product innovation aimed at meeting customers’ everyday financial needs and aspirations. It will also support the expansion of Revolut’s offering to US customers and its entry to India and other international markets.
Nikolay Storonsky, Founder & CEO of Revolut said, “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. 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.”
Karol Niewiadomski, senior investor for SoftBank Investment Advisers, said “Revolut’s rate of innovation has redefined the role of financial services, placing [Revolut] at the forefront of Europe’s nascent neobanking sector. The company’s rapidly growing user base reflects a sustained demand for Revolut’s expanding suite of services.”