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Revolut raises $800 million to become UK's most valuable fintech

Revolut raises $800 million to become UK's most valuable fintech

Revolut has completed a massive $800 million funding round that values the loss-making business at $33 billion.

The new funding round brings onboard two new investors, SoftBank Vision Fund 2, and Tiger Global Management.

The cash injection will be used to invest in its product suite and support the firm's expansion in the US and its entry to India and other international markets.

Nikolay Storonsky, founder & CEO of Revolut says: “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."

Revolut has amassed some 16 million users worldwide who use its super app to make more than 150 million transactions a month.

Maintaining the momentum has however proved costly with investors yet to see a return on the P&L sheet. Revolut's results for 2020 show that losses were £207 million, compared to a £106 million in 2019.

The move-fast, break-things fintech has, however, seen both its customer numbers and revenues grow in this time and it reported a profit for the final two months in 2020.

Comments: (1)

A Finextra member
A Finextra member 15 July, 2021, 10:302 likes 2 likes

Good for them. Perhaps they could use some of the money to ensure that their cards are legally compliant with Article 10 (5) of the Interchange Fee Regulation which requires them to clearly distinguish, both visibly and electronically, the type of card ie. credit debit, pre-paid, commercial etc. 

Very few of their cards currently show this information.

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