British fintech firm Revolut announced on Thursday it raised $800 million in funding for a $33 billion valuation, marking a six-fold increase compared to a year ago.
The financing round was led by SoftBank Group Corp. and Tiger Global Management LLC. Investors include TCV, Balderton Capital, and others. Revolut plans to use the money for marketing, product development, and international expansion, CFO Mikko Salovaara told reporters.
Earlier in June, the company reported its revenues grew 57% per annum in 2020, landing at approximately $230 million. Gross profit was up 215% year-over-year to $170 million, while operating losses fell 90% to $8 million.
