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Ripple Partner SoftBank Leads $800 Million Funding Round for XRP-Friendly Revolut Digital Bank

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Thu, 07/15/2021 - 09:54
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Yuri Molchan
Softbank and Tiger Global have led a new funding round for crypto-friendly Revolut valued at $33 billion
Ripple Partner SoftBank Leads $800 Million Funding Round for XRP-Friendly Revolut Digital Bank
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Softbank, which owns the Ripple-supported MoneyTap payment app in Japan, along with Tiger Global U.S.-based hedge fund, has helped U.K.-based Revolut digital bank to raise a whopping $800 million in a recent funding round.

Revolut now valued at $33 billion vs. $5.5 billion in 2020

According to a CNBC article, the British fintech startup has raised $800 million and is now valued at $33 billion. That is six times higher than its evaluation by investors last year, when it was $5.5 billion.

This year, fintech firms are trending, having raised $33.7 billion in the second quarter of this year.

The Revolut app offers services in the sphere of banking and trading. This funding round has turned the company into the second-biggest unicorn among fintech firms in Europe.

The first one is Klarna. As for the U.K. where Revolut is based, the raised $800 million has made it the first biggest fintech here, pushing it ahead of the Checkout.com payment company.

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Revolut holds $742 million in crypto assets, keeps supporting XRP

The largest U.K. fintech unicorn also works with cryptocurrencies.

As reported by U.Today earlier, it holds an astounding $742 million worth of crypto, including XRP, Litecoin, Bitcoin Cash, Bitcoin and Ethereum.

According to a Revolut blog post published in January, the company still allows its clients to buy and sell XRP, despite the controversial lawsuit initiated by the SEC against Ripple Labs in December 2020.

The company is monitoring the situation with the XRP legal suit closely, the post says.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.