Economy News Shares Technology

Revolut, the British fintech, is valued at $33 billion


Fintech company Revolut announced Thursday that it has raised $800 million in funding, valuing it at $33 billion.

The funds raised will allow Revolut to continue to fund its growth projects, whether in money transfers, savings, insurance, or wealth management.

In a statement, the online bank explains that this operation enables Softbank and the American investment fund Tiger to enter its capital. During a fundraising in February 2020, Revolut was valued at $5.5 billion, however its founder and chief executive Nik Storonsky urged to aim higher.

In terms of valuation, the group is comparable to long-established UK banking giants such as Lloyds Banking Group (£33 billion) or NatWest (ex-RBS, £23.5 billion).

Revolut will be able to continue to finance its growth projects, whether in money transfers, savings, insurance, and wealth management. Additionally, it will help the company expand into the United States, India, and other international markets.

In a press release, Nik Storonsky states that “this funding makes Revolut the most highly valued UK fintech and demonstrates investor confidence that we will deliver a better offering to customers across the full range of financial services.”

Revolut, which launched in the UK in 2015, claims more than 16 million customers worldwide and more than 150 million transactions each month. The group’s statement quotes financial minister Rishi Sunak as hailing the news as “great news” that will “create more jobs here in the UK” as the government looks to gain traction post-Brexit.

For MetaNews.


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