Fintech banking app Revolut has announced it‘s secured a $800m (£579m) series E funding round, valuing the business at $33bn (£23.8bn).
The new funding round for the business, which has more than 16 million customers worldwide, has also seen it bring onboard two new investors - these being SoftBank and Tiger Global.
This investment will enable the company to push forward its growth plans, particularly its ongoing product innovation aimed at meeting customers’ financial needs and aspirations, ranging from quick and easy global transfers, to helping them manage their savings. It will also support the expansion of its offering to US customers, as well as its entry into India and other international markets.
Commenting on the news, Revolut founder and chief executive 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.”
SoftBank senior investor Karol Niewiadomski added: “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.”
Commenting on the news, UK chancellor Rishi Sunak said: “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.”