Image credit: Revolut
A couple of months back, London-based fintech company Revolut launched crypto withdrawals to provide customers with the option to transfer BTC to their personal wallets outside of the Revolut ecosystem if they wish.
And today, the fintech company, that serves more than 15 million customers globally, has announced that it has raised a massive $800M (approx €677M) in its Series E round of funding. With this development, the company’s valuation has now reached $33B (approx €27.92B).
Recently, the winners of the 2021 Future Hamburg Award were announced.
Investors in this round
The investment saw participation from two new investors, SoftBank Vision Fund 2 and Tiger Global Management.
Speaking on the development, Nikolay Storonsky, Founder & CEO of Revolut says, “SoftBank and Tiger Global’s investments are an endorsement of our mission to create a global financial superapp that enables customers to manage all their financial needs through a single platform. 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.”
Use of the funds
The proceeds from this round help Revolut to accelerate its growth, particularly in its ongoing product innovation, to help customers meet everyday financial needs; provide quick and easy global transfers; managing everything from savings to insurance; and, democratising wealth and trading.
Nikolay Storonsky, Founder & CEO of Revolut says, “We want our global superapp to offer our customers 10x better value and 10x better service and security than they can achieve anywhere else. We are building a full financial product suite in a single app, where you will always find the product that best meets your needs. Our services will be increasingly personalised, responding to our customers’ daily needs, always with low and transparent fees. As we expand into new markets we are encouraged by our customers’ enthusiasm for Revolut and we look forward to using this investment to further our mission.”
In addition, the funds will also support the expansion of Revolut’s offering to US customers and its entry to India and other international markets.
Rishi Sunak, a British politician who has been Chancellor of the Exchequer since February 2020, says, “It’s great news that Revolut has raised a further $800M and plans to expand even further – creating more jobs here in the UK. We want to see even more great British Fintech success stories like Revolut, which is why I’ve published a roadmap setting out how we will ensure the UK sector remains competitive, forward-looking, and dynamic.”
A brief about Revolut
Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, Revolut is a financial services company that specialises in mobile banking, card payments, money remittance, and foreign exchange. It includes a prepaid debit card, currency exchange, and peer-to-peer payments.
Using Revolut can show customers exactly how much they are spending each month on things like restaurants and groceries, can set monthly spending budgets for these categories and manage fees for subscription services, send and request money from friends instantly, and round-up their card payments and build-up their spare change.
One of Revolut’s key features includes conversion from one currency to another based on interbank rates with no fee. Customers can hold foreign currencies in their accounts or send money to another Revolut user or a bank account outside of their country.
Recent developments
Earlier this year,, in April, Revolut launched in India and appointed Paroma Chatterjee as its CEO in India. It also announced its plans of making a multimillion-pound investment in India over the next five years and has committed to the creation of 300 new jobs in the country to serve its global business operations.
Prior to that, in March 2021, the fintech company announced to operationalise its European specialised banking licence in 10 European markets. Customers in Bulgaria, Croatia, Cyprus, Estonia, Greece, Latvia, Malta, Romania, Slovakia, and Slovenia who upgrade to Revolut Bank for additional services will now have their deposits protected under the deposit guarantee scheme.
In January 2021, the company announced its plans to create a financial super app and had submitted its application for a bank licence in the UK to the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
And last year, in December 2020, it launched its online web app for its customers in the European Economic Area (EEA), Australia, Canada, Singapore, Switzerland, Japan and the US. Also, in the same month (Dec 2020), Revolut announced the launch of ‘Pockets’ – a new feature that enables customers to stay on top of their spending as well as makes organising rent, bills, and subscriptions effortless.
