Revolut raises $800 million
UK-based mobile banking startup Revolut has raised $800 million in a Series E funding round that values the company at $33 billion. The round was co-led by Softbank Vision Fund 2 and Tiger Global.
The investment will enable the company to further its growth plans, in particular its ongoing product innovation aimed at meeting customers’ everyday financial needs, from ‘quick and easy’ global transfers, to managing everything from savings to insurance, to democratizing 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.
“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.” – Nikolay Storonsky, Founder & CEO of Revolut.
“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.” – Mr. Storonsky.
“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.” – Karol Niewiadomski, senior investor for SoftBank Investment Advisers.
“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.” – Scott Shleifer, partner, Tiger Global.
“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.” – The Rt Hon Rishi Sunak MP, UK Chancellor of the Exchequer.