News

July 15, 2021

Revolut hits $33bn valuation after giant fundraise from Softbank and Tiger Global

The London banking app has become the UK's most highly valued fintech.


Isabel Woodford

2 min read

London's Revolut has struck a fundraising deal with Softbank and Tiger Global that has valued the fintech at $33bn, a sixfold increase on its last private valuation.

Revolut announced on Thursday it had raised just under $800m in a Series E round, and would use the money to fuel expansion into the US and India. The company was valued at  $5.5bn just last year.

The new pricetag makes Revolut the most highly valued fintech in the UK — and the second top in Europe just behind Klarna — and comes amid surging valuations for tech companies in the private markets as well as particular investor interest in companies disrupting finance.

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Mikko Salovaara, Revolut’s chief financial officer, told reporters on Thursday that Revolut had no immediate plans for an initial public offering, having just raised such a large round. Founder Nik Storonsky previously signalled he would seriously consider an IPO once Revolut hit a $20bn valuation.

The new fundraise exceeds even the highest expectations that have been circling over the last three months. Revolut was rumoured to have been eyeing valuations of between $10bn and $20bn, but has been buoyed even higher — benefiting from the current surge in activity in the private markets.

Revolut's current valuation is 100 times the size of its 2020 revenues, which stood at £222m. Revolut recorded pre-tax losses of £207m last year, which was nearly double those in 2019.

Sky News first reported the funding news.