Revolut Adds $80 Million to Series D Funding Round
For most startups, securing capital requires soliciting funding. Yet, as some FinTechs become more established, the funding offers may just come to them. That seems to be the case with Revolut, which has just expanded its latest round.
London-based FinTech Revolut has revealed that it’s added $80 million to the Series D it originally announced in February. The additional funds come from TSG Consumer Partners, who join the previously $500 million (now $580 million) round led by TCV. With TSG’s contribution, Revolut has now raised more than $900 million to date and holds a valuation of $5.5 billion.
In addition to further expanding in Europe, the company says that the newly acquired funds will go toward bringing new features to their product in the United States. Speaking to that point, the company recently brought cryptocurrency trading to the platform. Elsewhere, TechCrunch notes that the app offers everything from cell phone insurance, travel medical insurance, and more. Plus, Revolut is apparently working on a tool that will help users keep track of their various subscriptions, alert them to expiring trials, and even cancel them from the app.
Explaining the expansion of their latest funding round, Revolut founder and CEO Nikolay Storonsky stated, “While we were not actively looking to raise any additional capital, TSG approached us with an exciting proposition to work together.” Storonsky continued, “Given TSG’s track record of backing some of the most successful and innovative consumer companies in recent years, we were very pleased to have them on board as we accelerate the rapid adoption of our platform.”
Incidentally, Revolut’s Series D expansion follows a similar situation from Robinhood. Earlier this month, the investment trading platform announced that it had increased its Series F from $280 million to a total of $600 million for a valuation of $8.6 billion. Meanwhile, both rounds extend what has been a FinTech funding streak, with startups at all stages securing new investments.
Around the world, Revolut now has more than 12 million registered users. With the extra half a billion in their coffers and some intriguing features in the pipeline, that figure seems poised to grow significantly in the months and years ahead. More importantly, whether here at home or across it pond, it seems the FinTech industry is plenty healthy.