The latest report reveals that the finch startup and crypto-friendly investing platform Revolut is now valued at $5.5 billion after raising $500 million in a Series D round.
Revolut is a London based investing platform and a crypto-friendly internet banking application. The platform had launched the “auto-exchange” feature back in March 2019 which gave easier access to users to protect themselves from the volatile feature of cryptocurrency. However, with the latest report on funding in place, Revolut is aiming to improve its product and revenue.
TechCrunch states that the Series D round was led by top Venture capital firm TCV. Noticeably, TCV is the early investor behind today’s largest giants Netflix, Facebook, and others. Reports also state that Revolut is not revealing the names of other investors who participated in this funding round.
At the essence, Revolut is striving to replaced traditional bank accounts via its product. Interestingly it’s existing investors include DST Global, Index Ventures, Balderton Capital and many others. As part of its future plan with newly raised capital, Revolut is expecting to debut new lending services for retail and business users. More so, they are also aiming for full bank accounts in Europe.
“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.” Said Nik Storonsky, Revolut founder and CEO said;
While new funding valued Revolut at $5.5 billion, the reports on raising $500 million were on top bulletins in November last year. During that time, the firm had also revealed its global expansion plan with countries including the United States (U.S) and Japan.
However, concerning the matter of expansion and new fund, Nik Storonsky elaborates;
“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,”
So far Revolut has raised $836 million in total. Unfortunately, the firm despite having over 10 million customers is reportedly experiencing loss.