<p><img src="https://static6.businessinsider.com/image/5f326a6a988ee3401e330fb3-2400/nik storonsky.jpg" alt="Nik Storonsky" data-mce-source="Revolut" data-mce-caption="Nik Storonsky CEO and cofounder of Revolut" border="0"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>Challenger bank Revolut has raised $800 million at a $33 billion valuation to become one of Europe's most-valuable startups.</p><p>The startup's Series E round, which was led by investment giants SoftBank and Tiger Global, marks an enormous jump from the $5.5 billion valuation it raised at in 2020. Revolut's fresh funds have also made it the UK's most-valuable private company.</p><p>Revolut is best known for allowing users to spend money worldwide in 150 currencies at a real-time exchange rate, with no fees, through a debit card. It competes with other challenger banks such as Monzo, Starling Bank, and N26, and is in the midst of launching its US offering. Revolut now has 15.5 million customers globally.</p><p>Last month, <a href="https://www.businessinsider.com/revolut-reports-higher-losses-revenue-financials-2020-2021-6">the company reported deeper pre-tax year-on-year losses in 2019, despite improved revenues</a>. Revolut has grown its offering beyond core banking in recent years to encompass stock, crypto, and commodity trading which have become major areas of growth for the business. </p><p>SoftBank has up till now largely stayed away from backing Europe's consumer challenger banks.</p><p>But the Japanese investing giant has upped its investment activity in recent months, thanks to its $30 billion Vision Fund 2. The company recently led a major funding round into European buy-now, pay-later startup Klarna, <a href="https://www.businessinsider.com/klarna-buy-now-pay-later-softbank-40-billion-2021-5">first reported by Insider</a>, and is <a href="https://www.businessinsider.com/sorare-nft-softbank-soccer-funding-2021-7">expected to lead the biggest round in the history of French tech for NFT trading startup Sorare</a>.</p><p>Revolut's hastily arranged Thursday briefing on the news came after weeks of speculation about the new funding round. Insider understands that the majority of the funding round is coming from SoftBank with Tiger Global, <a href="https://www.theinformation.com/articles/inside-tiger-globals-deal-machine">now a major player in the tech scene</a>, providing a smaller check. </p><p>The company did not give details on how the funding would be used beyond the continued growth of the business and expansion plans in India.</p><p>Headquartered in London, Revolut operates across Europe, as well as in Japan, India, Australia, and Singapore. The main prize is the US market, where Revolut has made initial steps in the complex process of becoming a regulated entity and is <a href="https://techcrunch.com/2021/03/22/revolut-applies-for-bank-charter-in-the-us/" data-analytics-module="body_link" data-analytics-post-depth="100" data-uri="aaa16d74183121f6fa7403b24c7caa16">applying</a> for a bank charter.</p><p>Karol Niewiadomski, senior investor for SoftBank Investment Advisers, said Revolut's growing user base showed a "sustained demand" for its services.</p><p>"Revolut's rate of innovation has redefined the role of financial services, placing [Revolut] at the forefront of Europe's nascent neo-banking sector," he said.</p><p><a href="https://www.businessinsider.com/revolut-fintech-valuation-33-billion-tiger-global-softbank-800-million-2021-7#comments">Join the conversation about this story »</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/wasabi-expensive-sushi-what-is-wasabi-paste-plant-2019-1">Why wasabi is so expensive</a></p>
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