Revolut now valued at $5.5b after raising $500m in latest funding round
London-headquartered Revolut has raised $500 million in a Series D funding round led by TCV, meaning that the fintech startup is now valued at $5.5 billion.
Over the past few years, Revolut has raised $836 million in total. Previous investors include DST Global, Index Ventures, Balderton Capital and many others.
Revolut is building a mobile financial service to replace traditional bank accounts, enabling users to open an account from an app in just a few minutes. They can then receive, send and spend money from the app or using a debit card.
Revolut has added a ton of features that it has built in-house or through partnerships allowing users to ensure their phones, get a travel medical insurance package, buy cryptocurrencies, buy shares, donate to charities, save money and more.
Revolut currently has more than 10 million customers, mostly in Europe and the U.K and daily active customers grew by 380% in 2019.
Revenue from premium subscription plans (Revolut Premium and Revolut Metal) have grown by 154% in 2019.
With the new influx of cash, the company says that it’ll focus on improving its product for existing users as well as revenue. It’s all about making Revolut more useful and stickier going forward.
The company plans to improve its two subscription tiers (Premium and Metal) and improve banking operations across Europe. There are currently 2,000 people working for the company.
Revolut co-founder and CEO Nik Storonsky said: “We’re on a mission to build a global financial platform — a single app where our customers can manage all of their daily finances, and this investment demonstrates investor confidence in our business model.
"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”
Revolut is currently live in the U.K., Europe, Singapore and there is a beta version operating in Australia.