Revolut, a UK Fintech announced that it has raised $800 million in a new funding round and this has pushed its valuation to $33 billion (£24 billion), thereby making it the biggest Fintech in the United Kingdom.
The new funds raise was led by SoftBank and Tiger Global Management, which gives them 5% stake each in the startup. The digital banking startup says the $800 million will be used develop new products, expand its operations in the United States and enter new international markets including India.
Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko in UK, Revolut offers banking services including GBP and EUR bank accounts, debit cards, stock trading, fee-free currency exchange, cryptocurrency exchange and peer-to-peer payments.
With this valuation, this means that Revolut is now worth more than 75% of the members of the FTSE 100 stock market index, including the 294-year-old bank NatWest, which has a market capitalisation of about £23.6bn.
“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,” said the CEO, Nikolay Storonsky.
Revolut currently has over 15 million customers, 500,000 businesses across 35 countries. The company announced that it broke even late last year despite the COVID-19 pandemic.
