We report the discovery of Swift J221951−484240 (hereafter: J221951), a luminous slow-evolving blue transient that was detected by the Neil Gehrels Swift Observatory Ultraviolet/Optical Telescope (Swift/UVOT) during the follow-up of gravitational wave alert S190930t, to which it is unrelated. Swift/UVOT photometry shows the UV spectral energy distribution of the transient to be well modelled by a slowly shrinking blackbody with an approximately constant temperature of T ∼ 2.5 × 104 K. At a redshift z = 0.5205, J221951 had a peak absolute magnitude of Mu,AB = −23 mag, peak bolometric luminosity $L_{max}=1.1\times 10^{45}~{\rm erg\, s}^{-1}$ and a total radiated energy of E > 2.6 × 1052 erg. The archival Wide-field Infrared Survey Explorer IR photometry shows a slow rise prior to a peak near the discovery date. Spectroscopic UV observations display broad absorption lines in N v and O vi, pointing towards an outflow at coronal temperatures. The lack of emission in the higher H α lines, N i and other neutral lines is consistent with a viewing angle close to the plane of the accretion or debris disc. The origin of J221951 cannot be determined with certainty but has properties consistent with a tidal disruption event and the turn-on of an active galactic nucleus.