Fintech Revolut’s new funding round with Softbank raises its valuation 6-fold to $33 billion

The new money will be used to fund London-based Revolut’s expansion into new products and markets including the U.S. and India, according to a statement Thursday.

The funding increases Revolut’s valuation six-fold from a fundraising round in 2020 and makes Revolut the U.K.’s most valuable startup, surpassing Checkout.com’s $15 billion mark.

Such valuation spikes have become a common theme in fintechs this year as demand grows for their offerings. Swedish startup Klarna Bank AB, which lets online customers pay for their shopping in installments, raised cash at a $45.6 billion valuation in June after a series of funding rounds that more than quadrupled its valuation in less than a year. Money-transfer company Wise Plc carried out a direct listing on the London Stock Exchange this month, more than doubling its value in about a year.

Revolut has about 15 million personal customers and 500,000 businesses using its products, which include bank accounts, international money transfers, cryptocurrency and stock trading as well as bill paying and budgeting tools. Sky News reported the fundraising earlier. In June, Bloomberg News reported that Revolut was in the early stages of a funding round that could value the British company at $20 billion.

Revolut saw its operating losses double to 201 million pounds ($278 million) in 2020 as rapid growth around the globe caused staff costs to surge.