Challenger bank Revolut has raised $800m to reach a valuation of $33bn, making it the most valuable fintech in the UK.

SoftBank Vision Fund 2 and Tiger Global Management led the funding round, which saw Revolut achieve a valuation six times bigger than its last one in 2020. Other investors included Ribbit Capital, TCV, Balderton Capital and Index Ventures.

Revolut provides banking, investing, currency transfer and other money management services to some 16 million users globally.

Nikolay Storonsky, Revolut’s founder and CEO, said: “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.”

Revolut worth more than NatWest

The valuation means Revolut is now worth more than retail banking giant NatWest.

Revolut plans to use the capital to further its growth strategy, particularly, focusing on product innovation.

Storonsky said: “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.” 

The move comes over a year after Revolut’s last funding round, which saw the challenger reach a valuation of $5.5bn.

Scott Shleifer, partner at Tiger Global, said: “We believe Revolut’s superior customer experience and focus on rapid product development put the company in a strong position to continue scaling in both existing and new geographies.

“We are excited to partner with Nik and the Revolut team as they build the next generation of financial services.”

Rishi Sunak, Chancellor of the Exchequer, added: “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.”