Revolut, a London, UK-based provider of financial app and platform, raised $800m in Series E funding round, which valued the business at $33 billion.
Backers included new investors SoftBank Vision Fund 2 and Tiger Global Management.
The company intends to use the funds for:
- ongoing product innovation aimed at meeting customers’ everyday financial needs, such as global transfers, management of savings and insurance, and trading,
- expansion of its offering to US customers, and
- entry to India and other international markets.
Led by Nikolay Storonsky, Founder & CEO, Revolut provides a global financial app for people and businesses. In 2015, Revolut launched in the UK offering money transfer and exchange. Today, more than 16 million customers around the world use dozens of its innovative products to make more than 150 million transactions a month.
In June, the company released its Annual Report for the year ending 31 December 2020, revealing a adjusted revenue up by 57% year on year, to £261m by the year end (2019: £166m), an increase of £95m. Gross profits increased by 215% from £39m in 2019 to £123m in 2020. Gross margin improved by 24 % from 25% in 2019 to 49% in 2020.
This combination of revenue growth and improved gross margins reduced quarterly adjusted operating losses by 90%, from £55m in Q1 2020 to £6m in Q4 2020, reflecting the strengthening of core business activities. Full year adjusted operating loss increased to £122m (2019: £98m).
The international expansion continued with the launch of services in the US, Australia and Japan.