Digital banking platform, Revolut, in a series of Series D funding, raised $500 million to make it the largest U.K fintech startup with assets valued at $5.5 billion.
The latest round of funding was carried out by TCV, a US-based investment firm and saw participation from several of the firms existing investors but named were not revealed. In total, Revolut, who employs 2000 people, has raised $837 million with $250 million of that total coming from the previous round
Disrupting traditional finance markets
Revolut, with headquarters in London and launched 2015, is giving financial giants a run for their money with an app that allows clients to simplify the way they manage money. The company is also having an impact on how the industry prices services and the transferring of funds.
This has resulted in Revolut building a user base that is 10 million strong in the last two years with the majority of those being based on Europe and the United Kingdom. In addition to a strong presence in Europe and the United Kingdom, Revolut is gaining traction in Australia and Singapore where its services are currently in beta mode.
The company’s figures are seeing significant growth as they did in 2019 when its total users increased almost 170% and its activity increased an astounding 380%. In addition to the latest round of funding, Revolut announced the release of Revolut Metal and Revolut Premium, both of which are premium subscription-based services.
The latest funding will be used by the company to release new services to its current client base and also to expand into other markets in Europe. While the company is still focused on the line of services it offers within the United Kingdom, it has joined together with payment giants such as Mastercard and Visa in its efforts to expand overseas with the hope being to enter the Japanese and American markets later this year. That expansion would see the company offering its full product line including its latest savings vault services.