Revolut Confirms $ 800 Million in New Funding at $ 33 Billion Valuation to Boost Financial Services SuperApp – TechCrunch

FinTech funding is advancing rapidly due to major changes in the way consumers spend and manage their money. In the latest development Revolut – London-based financial “SuperAppli”. We provide banking, investing, currency transfer and other money management services to approximately 16 million users worldwide. We confirmed that we raised $ 800 million this morning. According to the company, this Series E funding round values ​​Revolut at $ 33 billion.

This makes Revolut the UK’s most valuable fintech and one of the largest privately backed large-scale startups in Europe and globally. It is also following in the footsteps of now-buying Swedish start-up Klarna, branching out into a wide range of other services for consumers and the businesses that integrate them. Clarna raised $ 639 million last month worth just under $ 46 billion. year Raised to a valuation of $ 95 billion.

This latest E-series is co-led by SoftBank Vision Fund 2, which appears to be the sole supporter of the tour, and Tiger Global. It comes shortly after the rumors earlier this month Revolut has grown. The last revolution took place about a year ago. Series D ended with $ 580 million, but what’s amazing is how much its valuation has changed and has grown six-fold since then (it was $ 5.5 billion last year) .

“Investments from SoftBank and Tiger Global support our mission to create a global financial superapplication that enables clients to manage all of their financial needs through a single platform,” said Revolut. Nikolay Storonski, CEO and CEO, said in a statement.

For further reference, Revolut reports the 2020 financial figures from last month. (£ 123m), but it still operates at a net loss, with an adjusted operating loss of $ 76m (£ 55m) in the first quarter of 2020. It was $ 277m (260 million pounds sterling). ) Full-year operating loss. In other words, the huge amount of money currently in place and this huge amount of valuation is a long term gamble.

Revolut currently has over 16 million customers and over 150 million transactions per month. The plan will expand its base and offer a wider range of services and promotions to allow users to spend more money and time on their apps. .. This includes research in new areas such as insurance, in-depth investment and transaction research, and a significant increase in credit services, which have become a major growth engine for other online banks. and fintech companies. .. Revolut also said it will do more to build a user base in the United States and India.

Like other “neobanks” that have emerged in recent years, Revolut was built on the idea of ​​leveraging the banking and financial services infrastructure already built. Used via API Then integrate into this service. Second, Revolut is focused on creating sophisticated and user-friendly experiences both in the app and in customer service.

Therefore, the goal of technology is to improve the personalization of services and to create new, non-standardized tools such as budgeting tools and other financial management features.

In a statement, Scott Shleifer, Partner of Tiger Global, believes Revolut’s focus on superior customer experience and rapid product development puts the company in a strong position to continue expanding into existing and new regions. . I go. “We are delighted to partner with the Nik and Revolut teams to create the next generation of financial services. “

Not only does this make digital services more comfortable to use, it is especially appealing to young users inexperienced in all aspects of finance.

But it’s interesting to see if Revolut is a way to bring more basic financial infrastructure to your app, or if integrated finance is the most prevalent.

In the meantime, investors believe there is a lot of room to develop the technology with the current model.

“Revolut’s rate of innovation is redefining the role of financial services and [Revolut] At the forefront of the neo-banking sector of the beginnings of Europe. The company’s rapidly growing user base reflects continued demand for Revolut’s expanding range of services, ”Karol Niewiadomski, senior investor at SoftBank Investment Advisers, said in a statement. “We look forward to Nikolai and his team supporting continuous product innovation and bringing their services to new markets around the world. “