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Neobank Revolut valued at $33 billion

It's the latest challenger bank to raise money at a sky-high valuation.

Buildings in London's Canary Wharf.

Revolut, based in London's Canary Wharf, is now worth $33 billion.

Photo: Mark Higham @theartshot360/Unsplash

U.K.-based Revolut has raised new funding valuing the digital bank at $33 billion, in the latest sign of investor interest in new challenger banks. The $800 million funding round was led by SofBank Vision Fund and Tiger Global Management.

The deal makes Revolut the most valuable fintech company in Britain and places it above the U.S.'s Chime, which was valued at $14.5 billion last September.

Revolut reported in June that losses doubled while revenue increased 57% to $361 million in the fiscal year.

Tiger and SoftBank are both noted for aggressively bidding for shares of private firms, though with differing strategies.

Tomio Geron

Tomio Geron ( @tomiogeron) is a San Francisco-based reporter covering fintech. He was previously a reporter and editor at The Wall Street Journal, covering venture capital and startups. He was also as a staff writer at Forbes covering social media and venture capital, and edited the Midas List of top tech investors. He can be reached at tgeron@protocol.com or tgeron@protonmail.com.

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