There is a new super unicorn UK.
The London-based digital bank said in a statement on Thursday that the start-up Revelet was worth $ 33 billion after a new round of fundraising led by Softbank (SFDP) and Tiger Global Management.
The company says it will use the $ 800 million it has raised to develop new products, expand US operations and enter new international markets, including India.
Launched in the UK in 2015, Revolt quickly gained popularity among frequent travelers who use its app to exchange currencies and avoid expensive foreign ATM fees. Since then, it has expanded into investment and wealth management services.
The fundraising round makes Revolt the UK’s most valuable financial technology company. At $ 33 billion, the company is worth more than NatWest, one of the country’s four largest retail banks.
“As we expand into new markets, we are encouraged by the enthusiasm of our customers for rebellion and look forward to using this investment further in our mission,” said Nikolai Storonsky, Founder and CEO of Revelation.
Investors are pouring money into UK financial technology companies. Shares of rival Revolt Wise have risen more than 20% since it went public in London on July 7.
According to a recent report, there are 29 financial technology unicorns or launches worth over $ 1 billion in London London & Partners & Dealroom. In the first six months of this year, London attracted $ 5.3 billion in venture capital investment in Fintech, next to San Francisco.
With the support of US firm Tiger Global and the Softbank Vision Fund, led by technology investor Masayoshi Son, Revolet leads the UK team. Last year a fundraising round estimated the competition at just $ 5.5 billion.
“The investments of Softbank and Tiger Global are in recognition of our mission to create a global financial super utility that allows customers to manage all their financial needs through a single platform,” Storonsky said.
Revolt 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 worldwide.
(Translated text, click Here Read in original English).