Financial superapp Revolut secured $800 million in funding this week. Softbank Vision Fund 2 and Tiger Global were the investors in the Series E round, which gave the London-based fintech a valuation of $33 billion. Both Softbank Vision Fund 2 and Tiger Global are new investors to the company.
Company founder and CEO Nikolay Storonsky said that the investment was an endorsement of Revolut’s goal of building a “global financial superapp” that enables users to meet all of their financial needs via a single platform. “We want our global superapp to offer our customers 10x better value and 10x better service and security than they can achieve anywhere else,” Storonsky said. He emphasized the value of personalization in delivering a superior customer experience, as well as the importance of transparency and keeping costs low.
Storonsky also noted that the investment makes Revolut the most highly-valued fintech in the U.K. which he said “demonstrat(ed) investors confidence that we can deliver products that raise the bar for customers’ expectations across the whole financial services industry.”
Since demonstrating its personal money cloud at FinovateEurope in 2015 and making its name as a money transfer and exchange specialist, Revolut has grown into a multi-service fintech company with more than 16 million personal and business customers around the world. The company offers wealth management, spending, and payments solutions for individuals; and gives business owners tools and services ranging from smart company cards to multi-currency accounts with support for more than 28 different currencies.
Revolut launched its long-awaited expansion to the U.S. last spring.
Indian Payment Rivals Take IPO Plunge
The Indian payments industry continues to be one of the most vibrant aspects of fintech in the country.
This week we learned that two of India’s bigger rivals in the payments space – Paytm and MobiKwik – are taking their businesses to the public markets. MobiKwik will seek to raise $255 million in its initial public offering, while Paytm announced plans to raise $2.2 billion when it offers shares to the public.
Paytm, one of the most highly-valued startups in India, was founded in 2009 to enable consumers to make digital payments from their phones. The company currently operates a payments gateway, an e-commerce marketplace, and also offers products and services like ticket booking, insurance, and digital gold. Led by Vijay Shekhar Sharma, Paytm plans to use the capital from the IPO – and from a pre-IPO round the company is discussing with Goldman Sachs and Fidelity – to add to its payments offering, explore acquisitions, and launch new initiatives.
MobiKwik offers a mobile wallet service that enables users to make digital payments and, like Paytm, also helps consumer secure insurance products and access personal financing. With more than 101 million registered users, MobiKwik also offers credit cards courtesy of a partnership with American Express. Founded in 2009 and headquartered in Gurgaon, India, MobiKwik includes both Sequoia Capital India and Abu Dhabi Investment Authority among its investors.
Here is our look at fintech innovation around the world.
Central and Eastern Europe
Middle East and Northern Africa
Central and Southern Asia
Latin America and the Caribbean