The British fintech firm Revolut has raised $800 million in a new funding round led by SoftBank (via Vision Fund 2) and Tiger Global Management, Sky News reports.
The deal values the online bank at $33 billion, making it the most valuable fintech company in the United Kingdom and the second-most valuable in Europe.
The report drew the attention of UK Chancellor of the Exchequer Rishi Sunak, who applauded Revolut’s success and said the United Kingdom is keen to develop its innovation sector.
Good news that @RevolutApp has raised $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, which is why I’ve published my vision for the future of the sector.https://t.co/zpIecU2zYn https://t.co/yxFY4bpeEW
— Rishi Sunak (@RishiSunak) July 15, 2021
The latest valuation of Revolut is six times higher than its value in July 2020, when it attracted financing from American TSG Consumer Partners, which valued Nikolay Storonsky’s business at $5.4 billion, according to Crunchbase.
In April, Sky News reported plans for Revolut to conduct a fundraising round at a $10-15 billion valuation. According to channel sources, the company managed to raise the bar when Swedish Klarna surpassed $46 billion.
Revolut will channel the funds from investors into international expansion, the development of new products, and marketing efforts, CNBC reports, citing the company’s chief financial officer Mikko Salovaara. He said Revolut is focused on accelerating growth in the United States and India.
The company attracted the investment against a backdrop of rising losses, as well as growth in revenue and the customer base. In 2020, Revolut posted a pre-tax loss of $289 million. The company’s revenue grew by 57%, and the number of users by 127%.
Earlier, the online bank launched trading of nine DeFi-tokens, including AAVE, SUSHI, 1INCH and COMP.
In May, Revolut introduced a beta version of a service allowing withdrawals of bitcoins purchased on the platform.
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