Revolut has become the most-valued fintech in UK history after raising US$800mn totalling a $33bn valuation, surpassing NatWest.
Revolut, the fintech with more than 16 million customers worldwide, has announced an US$800mn series E funding round, taking the total value of the business to $33bn. The new funding round brings onboard two new investors, SoftBank, and Tiger Global Management. This latest fundraising round makes the payments app worth more than that of the mainstream legacy bank, NatWest.
The investment will enable the company to further its growth plans, particularly its ongoing product innovation aimed at meeting customers’ everyday financial needs and aspirations, from quick and easy global transfers to managing everything from savings to insurance to democratising wealth and trading. It will also support Revolut’s offering to US customers and its entry to India and other international markets.
Commenting on the fundraise, 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.
Mr. Storonsky added, “We want our global superapp to offer our customers 10x better value and 10x better service and security than they can achieve anywhere else. We are building a full financial product suite in a single app, where you will always find the product that best meets your needs. Our services will be increasingly personalised, responding to our customers’ daily needs, always with low and transparent fees. As we expand into new markets we are encouraged by our customers’ enthusiasm for Revolut and we look forward to using this investment to further our mission.”
Gerard Grech, CEO of Tech Nation, commented: “Revolut is a true British success story and one that exemplifies the strength of the UK’s scaling fintechs. Our fintech sector is world leading, raising US$5.4bn in the first half of this year alone.
“The valuations we’re seeing today are a testimony to the pool of immense homegrown talent, and talent from across the world, choosing to start and scale their business here. It also reflects the strength of support the UK provides to help ambitious tech companies scale. Revolut joined Tech Nation’s Future Fifty programme in 2019, specifically designed to support founders in addressing the unique challenges faced by the most successful tech companies in the country.
“UK tech has been going from strength to strength this year, surpassing the incredible milestone of 100 unicorns (tech companies valued over $1bn) and setting a new record for UK tech investment – $18.8bn in the first half of the year. Revolut is an excellent example of a tech business cementing the UK’s position on the global stage.”
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About Revolut – one app, all things money
Revolut is building the world’s first global financial superapp to help people get more from their money. In 2015, Revolut launched in the UK offering money transfer and exchange. Today, more than 16 million customers around the world use dozens of Revolut’s innovative products to make more than 150 million transactions a month.