London fintech firm raises millions to invest in finance app

A London financial platform has raised an additional $500m in Series D funding for its ongoing expansion of services.

Revolut, which operates globally, has now raised a total of $836, bringing the value of the business to $5.5bn.

The new funding round was led by US-based growth capital firm TCV, with a number of existing investors also participating.

The company plans to use the funding for the expansion of its services and to increase its customer base.

Nik Storonsky, founder & CEO of Revolut, commented: “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.

“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.”

John Doran, general partner at TCV, said: “We are delighted to partner with Nik, Vlad and the entire Revolut team.

“Using a modern technology stack and with a relentless focus on delighting customers, Revolut has built a truly exceptional customer experience that is exceeding anything that existing banks can offer.

“We look forward to supporting the team on their journey to build Revolut into one of the biggest financial services companies in the world.”

John Glen MP, the UK economic secretary and city minister, added: “It is clear that the UK fintech sector continues to thrive, and Revolut’s announcement, which comes on the back of record-breaking fintech venture capital investment in 2019, is a clear indicator of our strength as a place for fintech business as we leave the EU.”