Crypto-friendly investing app provider Revolut raised $500 million in Series D round of funding

By Selena On Feb 25, 2020

Crypto-friendly startup Revolut raised $ 500 million in a considerable Series D funding round. Venture capital firm TCV led the round – an early investor in companies like Facebook and Netflix, valuing the company at $ 5.5 billion. Over the past few years, Revolut has raised a total of $ 836 million.

We’re excited to announce that we have raised a $500 million investment round. Looking ahead, we’ll be focused on rolling-out banking operations in Europe, and building a bunch of new services for you all to enjoy. https://t.co/5ATiS15NHE

— Revolut (@RevolutApp) February 25, 2020

Crypto-friendly investing app provider Revolut has raised $ 500 million in a Series D round

Revolut is a company that is building a financial service to replace traditional bank accounts. You can open an account from an application in just a few minutes. You can then receive, send, and spend money from the application or use a debit card. On top of that, Revolut has added a ton of features that it has built-in the home or through partnerships. You can ensure your phone, get travel health insurance, buy cryptocurrencies, buy stocks, donate to charities, save money, and more.

Revolut provides both cryptocurrencies and stock trading services through its applications. The company also recently partnered with massive payments Visa and Mastercard to launch debit cards in the U.S. and other markets.

Some current investors are also participating in the funding round today, but Revolut does not share its name. Previous investors include DST Global, Index Ventures, Balderton Capital, and many other companies.

Revolut currently has more than 10 million customers, mainly in Europe and the United Kingdom. The company does not share specific numbers when it comes to monthly transaction volume and customer activity, but here are some figures based on percentage:

The total number of users increased by 169% in 2019.
Daily active customers increased by 380% in 2019.
Revenue increased by 354% in 2018 (yes, 2018).
Revenue from premium subscription packages (Revolut Premium and Revolut Metal) increased by 154% in 2019.

With the new cash flow, the company says it will focus on improving its products for existing users as well as revenue. That’s all about making Revolut more useful and easier in the future.

In particular, you can expect new lending services for both retail customers as well as companies using Revolut for Business. While they offer many functions in the U.K., customers in other markets do not have the same features. For example, Revolut recently launched savings and vaults in the U.K. – customers in different markets may also open savings accounts in the future.

Besides, they want to duplicate core features. The company will improve two levels of registration (Premium and Metal) and improve banking operations across Europe – you can expect full bank accounts in Europe in the future.

Revolut co-founder and CEO Nik Storonsky said:

“We’re on a mission to build a global financial platform – a single app where our customers can manage all of their daily finances, and this investment demonstrates investor confidence in our business model. 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.”

Revolut co-founder and CEO Nik Storonsky

They plan to raise $ 500 million was first revealed in November. At the time, the company said it wants to expand globally, including the U.S. and Japan. Revolut is currently operating in the U.K., Europe, Singapore, and Australia (in beta). While the company has announced plans to expand into several countries, the main focus will be on launch in the U.S. and Japan in the coming months.

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