Revolut has become the UK’s highest valued FinTech, after its $800m Series E puts its valuation at a colossal $33bn.
The Series E investment was backed by first-time Revolut investors SoftBank Vision Fund 2 and Tiger Global Management.
With the equity, Revolut hopes to continue its growth efforts and is particularly focused on new product enhancements to meet the financial needs and aspirations of clients.
Alongside this, the capital will help the FinTech giant’s US expansion and move into India and other countries.
Revolut founder and CEO Nikolay Storonsky said, “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.”
Revolut’s ‘superapp’ offers a range of financial services, including banking accounts, budget and analytics, cryptocurrency investing, international remittances, payments, group bills, early salary, savings, and rewards.
The FinTech company has been adding a number of new tools over the past few months. It recently released a new invoice feature for its business banking account clients, which enables them to streamline payments between the UK and Europe.
It also recently launched a new tool that enables users to transfer funds from bitcoin holdings to their own digital wallets.
Speaking on the funding round, UK Chancellor of the Exchequer Rishi Sunak said, “It’s great news that Revolut has raised a further $800m and plans to expand even further – creating more jobs here in the UK.
“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.”
This valuation also puts Revolut has the second highest valued FinTech in Europe, falling just behind Klarna, which recently hit a $45.6bn valuation.
Prior to the round close, Revolut was valued at $5.5bn after it closed a funding round last year.
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