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July 15, 2021, 8:24 a.m. EDT

Revolut valuation surges to $33 billion after latest funding round

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By Emily Bary

European fintech company Revolut announced a new $800 million funding round Thursday that values the company at $33 billion. Revolut had previously fetched a $5.5 billion valuation through a 2020 funding round . The company plan to use the funds "to further its growth plans," including through product innovation that targets monetary transfers, savings, insurance, and the democratization of trading, according to a release. The company also intends to use the money to expand its U.S. offering and power its entry into India as well as other international markets. SoftBank Vision Fund 2 and Tiger Global Management became new investors in Revolut through this latest funding round.

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