, 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.
The round was led by US-based investment firm TCV and was participated by a few existing investors, but the company did not reveal any names.
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 the 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 and Australia – services are in beta in the latter.
The figures are also growing significantly as 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.
Though the company’s focus till now was 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 in the UK last month and is planning to extend these services in other markets as well.
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