The cryptocurrency-friendly digital bank Revolut has raised $500 million in a Series D round of funding that’s valuing the company at $5.5 billion. Over the years, Revolut raised $836 million.
According to TechCrunch, the venture capital firm TCV is leading the round and other existing investors are also participating in it. Revolut hasn’t shared the names of these firms, but DST Global, Index Ventures, and Balderton Capital have all invested in the firm.
Revolut is a digital bank that’s seemingly looking to help replace traditional bank accounts with an app that helps users manage their finances. Using the Revolut app it’s possible to send, spend, and receive money. It also issues a debit card for its users.
The fintech firm has added various features, including the ability to buy stocks or invest in cryptocurrencies. In March 2019, as CryptoGlobe reported, it started offering stop orders for trading major cryptos like BTC, ETH, XRP, LTC, and BCH.
The $500 million are set to be used to improve the user experience for Revolut’s 10 million users, as well as its revenue. Specifically, the digital bank is looking to offer its users lending services, and it has already started doing so as in the U.K. it offers savings vaults. Nik Storonsky, Revolut’s co-founder and CEO, said:
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.
While the firm doesn’t share specific number when it comes to its transaction volumes or customers, TechCrunch reports its number of users grew by 169% in 2019, while daily active customers grew by 380% in the same period.
Revolut is currently available in the U.K., Europe, Singapore, and Australia. It’s focusing on launching in the U.S. and Japan.
Featured image via Pixabay.