Fintech unicorn Revolut raises $80 million
27 July, 2020, 14:55
UK’s fintech startup Revolut raised $80 million, as part of Series D round, which the company announced in February 2020.
- This funding extended Series D round to $580 million, as reported by The Financial Times and several other sources.
- In February, Revolut raised $500 million in a round led by TCV at a $5.5 billion valuation. According to TechCrunch, the valuation of Revolut in this round remains the same, and the investor was TSG Consumer Partners.
- The company will spend the raised funds on the development of new features for service in the U.S. and credit products in Europe.
- Revolut is also working on a subscription management tool. It will allow its customers to see all their active subscriptions, cancel them from Revolut, and receive alerts when the free trial period ends.
Revolut is a branchless bank, and you can perform all transactions via Revolut’s mobile app. It was founded by Russian Nikolay Storonsky (he moved to England and worked in the banking sector) and Ukrainian Vladyslav Yatsenko, who met with Nikolay while working in Credit Suisse.
One of the main advantages of Revolut is that you can exchange your money with no fee, each customer gets a multicurrency debit card. Revolut used to be called a “service for travelers,” but later, the company has significantly expanded the list of its financial features. Now the company has about 12 million registered users.