Revolut is now the most valuable FinTech in the UK following its most recent fundraise.
In Brief:
The business raised $800mn (£579mn) from Tiger Global Management and Softbank.
The pair now own around 5% of the business.
It’s now worth more than NatWest, alongside around 75% of the FTSE 100.
What does this mean?
Revolut’s valuation has soared following the raise, but it’s not just due to the backing of Japanese tech giant Softbank. Its use of APIs has led to fast product development, the addition of new tools at scale and a personalised customer experience. It is now focused on building its own infrastructure and has applied for a UK banking licence.
