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Revolut raises $80M more at $5.5B valuation in latest fintech funding round
Mobile-first financial technology startups are continuing to draw investor interest.
Revolut Ltd., the operator of a digital banking service that users can access via an app, today said that it has secured $80 million in fresh funding at a $5.5 billion valuation. The investment is an extension to a $500 million round the U.K.-based startup closed earlier this year at the same valuation.
The entirety of the latest $80 million capital injection came from the private equity firm TSG Consumer Partners. Revolut is also backed by Index Ventures, TCV and over half a dozen others.
Revolut’s namesake service functions as an app-based consumer bank account, enabling users to send and receive money as well as access built-in budgeting tools. The startup has also expanded into other parts of the financial services market to open new revenue streams. Revolut offers its digital banking features alongside a physical debit card that users can attach to their accounts, stock trading tools, phone insurance and various other value-added products.
Revolut has emerged as one of the biggest players in the heavily crowded fintech ecosystem. It has raised over $900 million to date including the latest financing announced today and counts over 12 million customers. Moreover, the loss-making startup is reportedly close to exiting the red: Revolut told the Financial Times on occasion of the funding that it expects to become profitable by year’s end.
Becoming profitable could bring Revolut a big step closer toward an initial public offering. In recent months, the combination of revenue growth and an improving bottom line has led multiple other loss-making tech firms to successful listings. The newest example is Jamf Holding Corp, a maker of Apple Inc. device management software that this week raised $468 million in an outsize IPO.
Revolut is the latest mobile-first fintech startup to have closed a large extension round. Earlier this month, free trading app Robinhood Markets Inc. secured an additional $320 million as part of a Series F round that earlier attracted $280 million from investors.
Image: Revolut
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