Revolut, a digital banking platform, has raised $500 million in the latest Series D funding round, which valued the company at $5.5 billion, making it the most-valued fintech startup in the United Kingdom.
US-based investment firm TCV led the round, in which a number of existing investors participated. The firm did not reveal the names of participants.
With the latest round, the 2,000-employee strong company has raised a total of $837 million — the last one being a $250 million round led by DST Global.
Disrupting the traditional finance market
Launched in 2015, the London-headquartered company is challenging financial giants by offering simplified mobile app-based money management tools and also undercutting the traditional establishments on pricing in transferring funds and other services.
The platform has attracted over 10 million users over the years, a majority of which are based in the UK and Europe. It also has a presence in Singapore and Australia, where its services are still in the beta phase.
Revolut’s figures have been growing significantly. In 2019, the total number of users surged by 169 percent, while the daily active customers saw an uptick of 380 percent.
The company also launched premium subscription-based services — Revolut Premium and Revolut Metal — the revenue of which scored 154 percent last year.
Revolut will utilize the fresh proceeds in rolling out new services for its existing user base and will also focus on its expansion in other European markets.
Although the company’s focus until now has been in the UK with a line of services, it has partnered with payment giants like Visa and MasterCard for overseas expansion. The company is also eying to enter the United States and Japanese market this year.
Revolut also launched savings vault services in the UK last month and is planning to extend these services in other markets as well.