Revolut is raising an additional $500m in Series D funding. As a result, the total raised by Revolut totals $836m.
The Revolut series D funding round is led by US-based growth capital firm TCV. Moreover, a number of existing investors are also participating. The latest funding round values the business at $5.5bn.
Revolut will use the Series D funding to strengthen its product development in existing markets. In addition, it continues to target further international expansion.
According to Revolut the new capital is secured following high customer demand and engagement and a strong financial performance.
In 2019, Revolut increased customer growth by 169% and the number of daily active customers by 380%.
But Revolut is still to report its fiscal 2019 results and remains loss-making.
Future plans include lending services for retail and business customers. Furthermore, it aims to extend high interest savings accounts beyond the UK.
For example, it will focus on further developing its Premium and Metal subscription accounts. Revolut says that these two products are proving to be a successful revenue stream for the firm.
Revolut Series D: rolling out across Europe
Revolut’s Premium and Metal accounts include a variety of benefits for customers. These include unlimited foreign exchange, airport lounge access, commission-free stock trading and travel insurance.
Finally, it aims to improve customer service and roll out banking operations across Europe.
Revolut will continue to invest in expanding its workforce across multiple locations. The company now employs over 2,000 people.
Nik Storonsky, Founder & CEO at Revolut says: “We’re on a mission to build a global financial platform. That is a single app where our customers can manage all of their daily finances. This investment demonstrates investor confidence in our business model. 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.
“TCV has a long history of backing founders who are changing their industries on a global scale. So, we are excited to partner with them as we prepare for the next stage of our journey.”