UK fintech Revolut has raised $800 million in a Series E funding round led by SoftBank’s Vision Fund 2 and Tiger Global.

Revolut was valued at $5.5 billion just last year

The firm says the new funding takes its total valuation to $33 billion, making it one of the most valuable European fintechs ever.

Rumours of a SoftBank-led investment had been circling since the start of the month, with Sky News reporting that the Japanese VC’s role in Klarna’s $639 million funding round from June may have influenced Revolut’s desire to seek a higher valuation.

The investment follows a $500 million Series D round from last year led by TCV and TSG Consumer Partners. The firm was valued at around $5.5 billion at the time of the round.

Revolut, which currently boasts over 16 million customers worldwide, says it plans to use the investment to fund the development of the “first global financial super app”.

It says the capital will also support the expansion of its offering to US customers and its entry into India and other international markets.

Commenting on the fundraise, chancellor Rishi Sunak claims the deal will create “more jobs here in the UK”, adding that he hopes to see “more Great British fintech success stories”.

The UK has already experienced a record-breaking year for fintech investments, with H1 2021 seeing $5.7bn raised across 317 deals by UK firms. This was more than the total investment secured in 2020 ($4.3bn).

By Mr.Naz

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