The UK-based digital banking startup Revolut has raised $800 Million in a Series E funding round led by private equity titans SoftBank and Tiger Global, which now hold a near 5% stake in the business, making Revolut’s valuation stand at $33 Billion, six times more than at its last fundraising in early 2020. The company is now meriting more than NatWest, one of the UK’s biggest retail banks. . The recent venture pushed the British startup to become the most valued fintech of all time, the startup announced on July 15 2021, in a press release.
Founded in 2015 by the former Lehman Brothers trader Nik Storonsky, Revolut operates a banking app called “superapp” that renders banking, investing, currency transfer and other capital management services to 16 million international users. It was initially launched as a pre-paid card centred on giving autonomous currency exchange to customers. In 2015, it expanded to 34 other nations and computed business accounts, investments, and wage advances to its commercial services with an EU banking licence though it is still anticipating similar consent in the UK.
What the CEO has to say
Founder and CEO of Revolut, Nikolay Storonsky, said, “SoftBank and Tiger Global’s funds are an endorsement of our sortie to build a global financial superapp that empowers customers to manage their financial needs through a sole platform. The venture round makes Revolut the UK’s most valuable fintech company, expressing investors’ confidence that we can produce products that raise the bar for customers’ expectations across the entire financial settings’ industry.”
Storonsky added that Revolut aims to offer 10x better value, security, and service within its program. The “superapp” will link multiple features and designs to meet all the varying needs of a fast-living society. Moreover, the fintech startup intends to advance its customer maintenance services.
What the Investors has to say
Karol Niewiadomski, the Senior investor for SoftBank Investment Advisers, says, “Revolut’s rate of innovation has reshaped the role of the industry offering financial services, placing (Revolut) on the lead of Europe’s massive net banking sector. The startup’s rapidly increasing user base exhibits a sustained need for Revolut’s unfolding suite of services in the market. We look forward to helping Nikolay and the team in continued product innovation and bringing their services to new global markets.”
For Tiger Global’s partner Scott Shleifer, the British fintech company is strongly placed to continue rising in both existing and new exchanges. The company’s firm and influential position is a consequence of a “superior customer experience and focuses on rapid product development.”
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