Revolut boasts $5.5 billion valuation with its recent $500 million Series D funding

In
its recent funding round, Revolut, a British digital banking app, announced that
it raised $500 million in total that boosted its valuation to $5.5 billion. The
company, as of Monday, has earned a place in the list of most valuable
financial technology companies around the globe.

TCV
took the lead for Revolut’s recent round of Series D funding. A prominent name
in the investment firms in the United States, TCV has a reputation for having
supported giants like Spotify,
Netflix, and Airbnb in the past. The amount of money Revolut has raised so
far in total after the Series D $500 million funding was reported at $836
million.

Revolut
Earned Over 10 Million Customers Since Its Launch In 2015

Thanks
to reasonable prices for stock trading, foreign exchange, and financial
transactions, Revolut’s impressive money management tools resulted in over 10
million customers for the company since 2015 when it was initially launched.

Currently,
Revolut is working committedly towards expanding services to foreign countries.
Its recently announced partnerships with the likes of Mastercard and Visa are
likely to pave its way to enter the American market in 2020.

The freshly received funding, as per Revolut, will be directed at expanding services in Europe and launching new products such as lending. The company currently staffs around 2,000 people. Revolut also said that it wishes to enhance its customer service with greater investments. Its savings service, the company added, is likely to make a debut outside of the UK as well.

CEO
Storonsky Says The Company Eyes Becoming A Global Financial Platform

According
to CEO Nikolay Storonsky, the ultimate goal of Revolut is to develop a state-of-the-art
global financial platform. Storonsky is also the founder of the company. In his
statement in September 2019, Storonsky had highlighted that the company is
expected to expand its workforce to as many as 5,000 employees by the end of
2020.

When asked about the company’s plans of an initial public offering, the CEO commented in June 2019 that such plans are likely to remain in the background unless the digital bank hits the valuation of $20 billion. At $5.5 billion, despite being one of the largest fintech firms across the globe, the company is expected to take its time before it will be available to be traded on the stock exchange.