Revolut alumni's Nevis raises $70m at $500m valuation as Revolut launches UK personal loans

Separately, Revolut has launched personal loans in the UK, taking another step toward becoming a fully fledged bank as it seeks to challenge the country's biggest high street lenders, according to Sifted. The report described the UK lending push as a "watershed" moment for Revolut, which Sifted called Europe's most valuable fintech and said is moving deeper into traditional banking territory.

Sifted reported that experts warned a large customer base would not guarantee success in lending. The Nevis funding and Revolut's loan launch were reported within minutes of each other on Monday.

Nevis's software is aimed at financial advisers. Revolut's move puts it in more direct competition with established UK lenders.

Editor's Summary

Nevis, founded by former Revolut executives, raised $70m in Series B funding at a $500m valuation to expand AI software for financial advisers. Revolut separately launched UK personal loans as it moves deeper into traditional banking, with experts cautioning that a large customer base alone will not ensure lending success.