Revolut, the banking app has more than 16 million customers worldwide, has raised $800 million in series E funding, valuing the business at $33 billion.
The new funding round brings onboard two new investors, SoftBank Vision Fund 2 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 and chief executive officer of Revolut, says: “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.”
Storonsky adds: “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.”
Karol Niewiadomski, senior investor for SoftBank Investment Advisers, comments: “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.”
Scott Shleifer, partner at Tiger Global, adds: “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. We are excited to partner with Nik and the Revolut team as they build the next generation of financial services.”