Revolut today has closed a Series E round that takes the firm's value to $33 billion. The UK based fintech secured an $800 million investment from this round. This means that Revolut is the most valuable fintech out of the UK and one of the biggest of the privately-backed scaled-up startups not just in Europe but also in the world.
“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." Nikolay Storonsky, Revolut’s founder and CEO.
Today's Series E was co-led by two prominent VCs - Softbank Vision Fund 2 and Tiger Global. The duo were the only investors present in this round. News about the big money round was making the rounds last month. Revolut announcement of its latest rounds put the rumour to bed.
The fintech's last seed round came in last year, which saw the company's value peak at $5.5 billion. This means that with today's round, the company's value increased by more than 500 per cent.
Speaking on the latest development, Scott Shleifer, partner, Tiger Global, 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. We are excited to partner with Nik and the Revolut team as they build the next generation of financial services."
“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,” said Karol Niewiadomski, senior investor for SoftBank Investment Advisers, in a statement. “We look forward to supporting Nikolay and the team in continued product innovation and bringing their services to new markets globally.”
Revolut has a customer base of over 16 million customers and sees over 150 million transactions/month. The company said it would also be doing more to expand its user bases in the U.S. and India.
United Kingdom in focus
GDP: $2.708 trillion in 2020 compared to $2.831 trillion in 2019
Population: 67,215,293 in 2020 compared to 66,836,327 in 2019
GDP per capita: $40,284 in 2020 compared to $42,354 in 2019
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