Revolut raises $500M in Series D funding as it sets sight on profitability and daily adoption in 2020
The round values the business at $5.5 billion, making Revolut one of the highest valued fintech companies in the world.
The round was led by US-based investor TCV, with participation from existing investors, taking the total amount raised by the company to $836 million.
Balderton Capital previously led the company’s $2.3m late seed/early A round, five years ago. You can read more on our journey with Revolut from our Partner, Daniel Waterhouse, here.
The new capital was secured on the back of high customer demand and engagement and a strong financial performance last year. In 2019, Revolut increased customer growth by 169%, the number of daily active customers by 380%, and saw financial revenues in 2018 grow by 354%.
Customer growth increased by 169%, daily active customers by 380% and financial revenues were up 354%.
Revolut will use the capital to further strengthen product development in existing markets, roll-out banking operations in Europe and increase daily engagement.
Revolut will also focus on further developing its Premium and Metal subscription accounts, which have proven to be a successful revenue stream for the business, growing by 154% last year.
Over the last 12 months, Revolut has grown from a startup into a well-established financial services company. Looking at the year ahead, our focus is on the roll-out of banking operations in Europe, striving towards profitability and incentivising more of our 10 million customers to use Revolut as their daily account.
Nik Storonsky, Founder & CEO at Revolut
Revolut will also continue to invest in expanding its workforce across multiple locations. The company now employs over 2,000 people.
FURTHER INFORMATION: https://www.balderton.com
Image: Daniel Waterhouse & Revolut CEO Nik Storonsky at Balderton’s Talent Summit in 2019 © Balderton Capital