London’s Revolut has struck a fundraising deal with Softbank and Tiger Global that has valued the fintech at $33bn, a sixfold increase on its last private valuation.

Revolut announced on Thursday it had raised just under $800m in a Series E round, and would use the money to fuel expansion into the US and India. The company was valued at  $5.5bn just last year.

The new pricetag makes Revolut the most highly valued fintech in the UK — and the second top in Europe just behind Klarna — and comes amid surging valuations for tech companies in the private markets as well as particular investor interest in companies disrupting finance.

Mikko Salovaara, Revolut’s chief financial officer, told reporters on Thursday that Revolut had no immediate plans for an initial public offering, having just raised such a large round. Founder Nik Storonsky previously signalled he would seriously consider an IPO once Revolut hit a $20bn valuation.

The new fundraise exceeds even the highest expectations that have been circling over the last three months. Revolut was rumoured to have been eyeing valuations of between $10bn and $20bn, but has been buoyed even higher — benefiting from the current surge in activity in the private markets.

Revolut’s current valuation is 100 times the size of its 2020 revenues, which stood at £222m. Revolut recorded pre-tax losses of £207m last year, which was nearly double those in 2019.

Sky News first reported the funding news.

Isabel Woodford is Sifted’s fintech correspondent. She tweets from @i_woodford