British fintech startup Revolut has raised around $500 million in a fresh round of funding, according to media reports.
The startup is now valued at $5.5 billion, a threefold increase from its previous valuation of $1.7 billion in April 2018.
Revolut is likely to use the funding to expand its business in the US. The startup has already expanded beyond Europe into countries including Australia and Singapore in Southeast Asia.
Also, the recent funding will be used to improve its product offerings in its existing markets. Revolut plans to launch lending services for its retail and business customers.
Investors who took part in the funding round for Revolut include venture capital firm TCV and its existing investors were Ribbit Capital, DST Global, Lakestar and GP Bullhound.
Revolut founder and chief executive NikStoronsky said in a statement. “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.”
According to venture capital analytics firm CB Capital, Revolut is among the most valuable startups in Europe.
Earlier this month, Revolut announced the launch of its open banking services for retail and business customers in the UK. The new feature will allow customers to connect their bank accounts to Revolut’s platform and give them the facility to check their bank balances on a single app.
Established in 2015, Revolut has a customer base of around 10 million. It is reported that Revolut’s customer base increased by 150 percent in 2019. The startup is looking to acquire a banking licence in the UK.