Revolut Has Become The Most Expensive Technology Startup In Britain
The fintech company Revolut held another investment round for it, within the framework of which it raised $800 million. As a result, the estimated value of the company reached $33 billion, making it the most expensive technology startup in the history of the UK.
As noted in the company's press release, the ranks of investors during the last round we're joined by the Vision Fund 2 of the Japanese company Softbank, as well as Tiger Global Management.
The startup, founded by Nikolai Sidonsky and Vlad Yatsenko in 2014, currently serves about 16 million customers worldwide, who make more than 150 million transactions per month. Revolut is a financial super application that offers customers various financial services via mobile devices. The company intends to use the funds raised in this round for the development of new products, including, possibly, insurance services, as well as for international expansion. The startup wants to launch in the USA and India.
Revolut, the financial superapp with more than 16 million customers worldwide, today announced an $800m series E funding round, valuing the business at $33 billion. The new funding round brings onboard two new investors, SoftBank Vision Fund 2 (“SoftBank”), and Tiger Global Management.
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, from quick and easy global transfers, to managing everything from savings to insurance, to democratising wealth and trading. It will also support the expansion of 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.”