Martin Gilbert: Revolut will get into fund management (pic: SNS Group)

Revolut, the digital banking and payments start-up chaired by Scots financier Martin Gilbert, now has a higher valuation than NatWest following its latest funding round.

New investment raised $800m (£579m) from Japan’s SoftBank and New York-based Tiger Global Management and each now holds a 5% stake in the start-up whichy has become the UK’s most valuable ever private technology company.

Its latest funding round valued it at £24 billion, making it worth six times more than last year.

Revolut provides currency exchange, current account and crypto-currency services for 15 customers across 35 countries but is still in the process of attaining a UK banking licence.

Mr Gilbert, who founded Aberdeen Asset Management and was co-CEO of Standard Life Aberdeen, believes Revolut will get into managing assets.