Lodi Valley News.com

Complete News World


UK FinTech is worth $33 billion

Startup is a new super unicorn
Photo: shutterstock

There is a new super unicorn in United kingdom.

The London-based digital bank said in a statement Thursday that Startup Revolut was valued at $33 billion after a new round of fundraising led by SoftBank (SFTBF) and Tiger Global Management.

The company said it will use the $800 million it raises to develop new products, expand operations in the United States and enter new international markets, including India.

Launched in the UK in 2015, Revolut quickly became popular with frequent travelers who use its app to convert currency and avoid expensive ATM fees abroad. Since then, it has expanded into investment and wealth management services.

The fundraising round makes Revolut the UK’s most valuable fintech company. At $33 billion, the company is also worth more than NatWest, one of the country’s four largest retail banks.

“As we expand into new markets, we are encouraged by our customers’ enthusiasm for Revolut and look forward to using this investment to advance our mission,” Revolut founder and CEO Nikolai Storunsky said in a statement.

Investors are pouring money into UK fintech companies. Shares in rival Revolut Wise are up more than 20% since it went public in London on July 7.

London has 29 fintech unicorns, or startups valued at more than $1 billion, according to a recent report from London & Partners and the Dealing Room. London attracted a record $5.3 billion in fintech venture capital investment in the first six months of this year, second only to San Francisco.

The support of US company Tiger Global and the SoftBank Vision Fund, led by prolific tech investor Masayoshi Son, puts Revolut at the forefront of the UK group. A fundraising round last year put the match at just $5.5 billion.

See also  British environmentalists pour soup on Van Gogh's 'Sunflowers'

“The investments by SoftBank and Tiger Global are an affirmation of our mission to create a superior global financial application that enables clients to manage all of their financial needs through a single platform,” said Storunsky.

Revolut obtained a banking license from the European Central Bank in 2018 and applied for a full license in the UK earlier this year. Digital Bank has more than 16 million customers around the world.

(Translated text, click over here To read the original text in English).