Revolut raises $500m in funding, valuing it at $5.5bn and making it the most valuable UK fintech startup
Financial disruptor Revolut has managed to raise $500 million in a Series D funding round. The new funding sees the value of the digital banking platform rocketing to $5.5 billion, making it the UK's most valuable fintech startup, and one of the most valuable fintech firms in Europe.
The funding comes from a group of investors headed up by TCV (Technology Crossover Ventures) and effectively triples the value of Revolut when compared to its funding round in 2018. The cash injection will be used to expand its multi-currency operations both in Europe and on a global scale.
- Visa acquires fintech startup Plaid for $5.3 billion
- JPMorgan to ban third-party fintech platforms from accessing customer passwords
- Revolut is expanding its extraordinary multi-currency banking services to the US in partnership with Mastercard
Despite Revolut's meteoric rise, it remains unprofitable, but the latest funding round is seen as an indication of belief in the company. Having obtained a banking license in Lithuania in 2018, Revolut started to migrate some of its customers into its banking entity earlier this year. The shift away from its e-money license means that the company will be able to offer more and more customers full bank accounts and more traditional banking products than it could when deposits are held by a third-party bank.
CEO and co-founder Nik Storonsky says:
Going forward, our focus is on rolling out banking operations in Europe, increasing the number of people who use Revolut as their daily account, and striving towards profitability. TCV has a long history of backing founders who are changing their industries on a global scale, so we are excited to partner with them as we prepare for the next stage of our journey.
Having already established itself in the UK and much of Europe, Revolut now plans to expand its services to Australia, Japan, the US and beyond.