London-Based Digital Bank Revolut Raises $500M To Reach $5.5B Valuation

Illustration of a piggy bank looking at smartphone. [Dom Guzman]

British fintech startup Revolut reportedly raised $500 million in a new round of funding, lifting its valuation to $5.5 billion.

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The company, which was founded in 2015, is something like a new-age bank: Users can create accounts in the Revolut app and deposit and send money with it. 

Revolut wants to bring in 100 million customers in the next five years and expand outside of Europe, CEO Nik Storonsky told Bloomberg TV on Tuesday.

The new round brings Revolut’s total funding to about $837 million, according to Crunchbase. Its last valuation was $1.5 billion, but with its new $5.5 billion price tag, it’s tied with Swedish payment installment startup Klarna for the title of Europe’s most valuable fintech startup, according to Bloomberg.

TCV led the new round, and the company is also backed by investors like Index Ventures, TriplePoint Capital and DST Global. It last raised a $250 million Series C, led by DST Global, in April 2018. 

Fintech startups are certainly hot right now–they’re getting plenty of funding and a couple have seen high profile exits. Visa announced plans to acquire Plaid for $5.3 billion last month, and just yesterday Credit Karma confirmed rumors that it would be acquired by Intuit for $7.1 billion.

Revolut has more than 10 million customers and has processed more than 350 million transactions, according to the company’s website.

Illustration Credit: Li-Anne Dias

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