EVOLUT, the self-described financial superapp, today raised $800 million from investors in a deal that makes it the most valuable fintech business in Britain with a supposed worth of $33 billion.
That’s a fairly astonishing valuation for a business that has only just turned profitable, does not yet have a banking licence and was worth around $5 billion just a year ago.
The deal will be seen as a boon to London’s status as a tech centre, a status that has wobbled lately with big deals going to New York and certain floats, notably of Deliveroo, flopping.
Chancellor Rishi Sunak offered praise: “We want to see even more great British Fintech success stories like Revolut.”
The money was raised from Softbank and Tiger Global who have less than 5% between them. Other investors include Ribbit Capital, TCV, Balderton Capital, Index Ventures.
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A spokeswoman said no one had ever asked.
Revolut does currency exchange, stock trading, Apple Pay and other services – it has 16 million customers worldwide.
Chief Financial Officer Mikko Salavaara said the raised money would be spent on marketing and product development. The fundraiser “does not affect the timeline for a listing” he said, which seems unlikely to be this year.
“Eventually we will be a public company, but there are no immediate plans to list,” he added. “The environment for raising funds is very strong and we had investor interest.”
