Revolut valued at $33bn after raising $800m from backers

Revolut, which is targeting two million customers in the Republic, has raised $800 million (€675 million)in a move that values the fintech at $33 billion.

Backers in the Series E round include new investors Softbank and Tiger Global Management.

The fintech said it intends to use the investment to further its growth plans, which include expansion in the US. More than 16 million customers around the world use Revolut to make more than 150 million transactions a month.

Founded in July 2015 by Nik Storonsky and Vlad Yatsenko, the company is best known for consumer-oriented services. However it has also been pushing deeper into business banking. More recently it announced plans to offer credit cards and loans to customers, including those in the Republic.

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Most valuable

“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,” said Mr Storonsky.

Revolut, which employs about 60 people in the Republic, has applied for an e-money licence from the Central Bank. Revolut customers here are currently regulated by the Bank of Lithuania following a move late last year to shift regulation away from Britain due to Brexit.

The fintech, which has 1.5 million Irish customers, last month appointed Joe Heneghan, who leads Revolut in Ireland, to run its European operations.