Revolut, the UK-based digital bank, has been valued at £57 billion, jumping from £34bn in its most recent share offer.

The share sale represents a 66% rise from last year, showing a growing appetite for alternative, digital-first finance solutions.

The share sale was led by investors Coatue, Greenoaks, Dragoneer and Fidelity, as well as Nvidia’s venture capital department, Andreessen Horowitz, and Franklin Templeton.

The private valuation makes Revolut, which is now ten years old, more valuable than Barclays.

“The level of investor interest and our new valuation reflect the strength of our business model, which is delivering both rapid growth and strong profitability,” Victor Stinga, Revolut’s chief financial officer, said in a statement.

The app-based finance service now has 65 million customers spanning nearly 48 countries, and gained its UK banking license just this year. The firm aims to reach 100 million customers globally by mid 2027.

Revolut offers credit cards, bank accounts, loans, and cryptocurrency trading to customers.

Despite the valuation, Revolut’s place in global fintech is potentially not replacing traditional banks. Much of its customer deposits are actually lower than that it traditional banks, and customers often do not use the app as their main bank account.

Still, the fintech sector is growing, as research from Boston Consulting Group shows that the sector was reaching maturity, seeing the industry grow three times more than the finance sector as a whole.

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Fintech revenue grew 21%, according to the research, but fintech in the UK in particular may be falling behind compared to global fintech.

Fintech founders are losing confidence in the UK citing difficulty in accessing capital as well as regulations as some top challenges in the country. Further, the UK slipped behind the United Arab Emirates in terms of its global fintech investment.

Ahead of the Autumn Budget, Revolut’s valuation may garner more confidence for other challenger fintech banking apps aiming to break the mould.

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