Cryptocurrency-friendly fintech firm Revolut raised $ 500 million at a valuation of $ 5.5 billion

Revolut – a crypto-friendly investment application provider, raised $ 500 million within Series D – with a valuation of up to $ 5.5 billion.

Venture capital firm TCV – one of the early investors on Facebook and Netflix, led the round, according to TechCrunch. reporting on Tuesday. A number of other investors also participated including DST Global and Index Ventures.

With this new funding, Revolut, based in London, intends to improve the company's products and revenue. Specifically, retail and corporate users can expect new lending services. They can also look forward to full bank accounts in Europe in the future.

“We are on a mission to build a global financial platform – a single application – where our customers can manage all their daily finances and this investment represents Investor confidence in our business model, ”said Nik Storonsky – CEO and founder of Revolut. “In the future, our focus will be on implementing banking operations in Europe, increasing the number of Revolut users as their daily accounts and towards profitability.”

Revolut's $ 500 million funding plan was first revealed in November last year. At the time, the company said it wanted to expand globally, including the United States and Japan.

Launched in 2015, Revolut has raised a total of $ 836 million. The company claims to have served more than 10 million customers, but it is still a loss-making company. Revolut posted a net loss of nearly $ 42 million in 2018, while revenue increased to nearly $ 74 million from $ 17 million a year earlier.

Revolut supports both cryptocurrencies and stock trading services through its application. The company also recently teamed up with payment giants Visa and Mastercard to issue debit cards in the United States, among other markets.

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According to The Block
Translated by ToiYeuBitcoin

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