Fintech startup Revolut gathers a large round of financing in the D. Series. TCV leads the $ 500 million round and values the company at $ 5.5 billion. Revolut has raised a total of $ 836 million in recent years.
Some existing investors are also participating in today's funding round, but Revolut doesn't share names. Previous investors included DST Global, Index Ventures, Balderton Capital and many others.
If you are unfamiliar with Revolut, the company will build a financial service to replace traditional bank accounts. You can open an account in just a few minutes using an app. You can then receive, send, and spend money from the app or with a debit card.
In addition, Revolut has added a number of features that it has developed internally or through partnerships. You can insure your phone, get travel health insurance, buy cryptocurrencies, buy stocks, donate to charity, save money, and more.
Revolut currently has more than 10 million customers, mainly in Europe and the UK. The company doesn't share specific numbers regarding transaction volume and monthly active customers, but here are some percentage metrics:
- The total number of users increased by 169% in 2019.
- Daily customers grew by 380% in 2019.
- Sales increased by 354% in 2018 (yes, 2018).
- Revenue from premium subscriptions (Revolut Premium and Revolut Metal) increased 154% in 2019.
With the new cash inflow, the company wants to focus on improving its product for existing users and sales. It's about making Revolut more useful and sticky in the future.
In particular, you can expect new credit services for both private customers and companies that use Revolut for Business. While Revolut offers a lot of services in the UK, customers in other markets do not have the same functions. For example, Revolut recently launched savings accounts in the UK. Customers in other markets can also open savings sub-accounts in the future.
Apart from that, Revolut wants to double the core functions. The company will improve its two subscription levels (Premium and Metal) and improve banking across Europe. You can count on full bank accounts in Europe in the future.
Revolut currently has 2,000 employees. “We have a mission to build a global finance platform – a single app that our customers can use to manage all of their daily finances. This investment shows the confidence of investors in our business model. In the future, our focus will be on launching banking in Europe, increasing the number of people using Revolut as a daily account, and striving for profitability, ”said Nik Storonsky, Revolut co-founder and CEO, in the press release.
Revolut currently lives in the UK, Europe, Singapore and Australia (in beta). While the company has announced plans to expand into a handful of countries, the focus will be on launching in the U.S. and Japan in the coming months.