UK based digital bank has raised a $500m Series D at a $5.5b valuation, led by TCV. The round represents a roughly 3x increase in valuation from its April 2018 Series C.
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Fast-growing digital bank Revolut triples valuation to $5.5 billion
It means Revolut’s valuation has seen a threefold increase from when it was last valued by investors at $1.7 billion in April 2018. With an extra $500 million in the bank, the latest round takes Revolut’s total amount raised up to $836 million. According to data from venture capital analytics firm CB Insights, Revolut is now tied with e-commerce payments start-up Klarna as the most valuable fintech start-up in Europe. Founded in 2015, Revolut initially gained popularity by letting users spend money abroad without paying steep fees. It’s now one of a wave of new mobile app-based challenger banks which offer banking services without a costly networks of physical branches. Its competitors include British firms Monzo and Starling, as well as German rival N26 which recently said it would leave the U.K. due to Brexit.
