The new investment, which values Revolut at $33bn, will help the company create a full financial product suite in a single app
Revolut raises $800m in Series E funding round. (Credit: Niek Verlaan from Pixabay.)
UK-based financial technology company Revolut has received $800m investment in a Series E funding round, which valued the business at $33bn.
The funding has been raised from two new investors SoftBank Vision Fund 2 (SoftBank), and Tiger Global Management.
SoftBank Vision Fund 2 is the SoftBank Group’s venture capital fund founded in 2017, and Tiger Global Management is a US-based investment firm.
The Series E funding round follows the closing of its $500m Series D round, announced in February last year, with an $80m extension in July, for a total of $580m.
Revolut founder and CEO Nikolay Storonsky 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.”
“We are, where you will. Our services, responding to our customers’ daily needs, always with low and transparent fees.”
Revolut intends to use the proceeds from the funding round to advance its growth plans.
The company said that it is building a full financial product suite in a single app (financial superapp) which helps the users always find the right product that addresses their needs.
Also, the funding will support Revolut with the expansion of its offering in US and efforts to foray entry to India and other international markets.
SoftBank Investment Advisers senior investor Karol Niewiadomski 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. We look forward to supporting Nikolay and the team in continued product innovation and bringing their services to new markets globally.”
Tiger Global partner Scott Shleifer said: “We believe Revolut’s superior customer experience and focus on rapid product development put the company in a strong position to continue scaling in both existing and new geographies.”