Revolut, the London-based bank that provides multi-currency wallets and cryptocurrencies on its app, has raised more than $500 million in its latest funding round.
Revolut announced Tuesday that it raised the amount via a Series D funding round, led by Silicon Valley venture capital firm TCV, which means the bank is now valued at over $5.5 billion.
«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,» said Revolut CEO and co-founder Nik Storonsky in a statement.
Expand Outside of U.K.
Revolut, which has raised a total of $836 million in funding rounds, said the funding will improve existing products and services as well as expand its outreach outside of its U.K. base. The company has now raised a total of $836 million in its funding rounds.
Last year, the company announced its decision to pull out of Singapore's digital banking race, citing high capital requirements. However, it continues to operate its popular multi-currency wallet in the country after a much-anticipated launch, as finews.asia reported.
Started in 2015, Revolut provides its 10 million users with access to a host of financial services. New users can open an account in minutes, and the company has expanded the number of supported features including adding an equity trading platform and insurance brokerage.
