UK fintech bank Revolut worth $33bn after investment

19 July, 2021 12:00 AM printer

LONDON: British fintech bank Revolut on Thursday said it was worth $33 billion, on a par with some of the UK's traditional retail banks, after fresh investment.

Six-year-old Revolut revealed in a statement the new valuation, equivalent to 27.5 billion euros, after receiving $800 million from Japan's SoftBank and US investment group Tiger Global, reports AFP.

Revolut's last valuation, given in February 2020 before the coronavirus pandemic pushed people to increasingly bank online, stood at $5.5 billion. "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," said Revolut founder and chief executive Nikolay Storonsky.

"This funding round makes Revolut the UK's most valuable fintech," he added in the statement.