Revolut Becomes UK’s Most Valuable FinTech
(16 July 2021 – United Kingdom) Relovut, the United Kingdom (UK’s) leading banking and payment start-up Financial Technology (FinTech) firm, has become the UK’s most valuable start-up of all time after raising £600 million.
The investment was made by SoftBank’s Vision Fund and Tiger Global Management who both valued the business at £24 billion, inferring the firm is worth more than the market capitalisation of the mainstream UK lender NatWest.
Currently the company operates in 34 countries and offers payments, Foreign Exchange (FX) and cash management services to enterprises globally. The new investment will enable the company to boost growth and deliver ongoing product innovation for business’ financial needs. It will also support the expansion of the company’s offering to the United States and other international markets.
“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” commented Revolut CEO, Nikolay Storonsky
“We want our global superapp to offer our customers better value, better service and better 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” he also added.