Revolut raises $500M in Series D funding as it sets sight on profitability and daily adoption in 2020

The round values the business at $5.5 billion, making Revolut one of the highest valued fintech companies in the world.

The round was led by US-based investor TCV, with participation from existing investors, taking the total amount raised by the company to $836 million.Balderton Capital previously led the company’s $2.3m late seed/early A round, five years ago. You can read more on our journey with Revolut from our Partner, Daniel Waterhouse, here. 

Daniel Waterhouse & Revolut CEO Nik Storonsky at Balderton’s Talent Summit in 2019

The new capital was secured on the back of high customer demand and engagement and a strong financial performance last year. In 2019, Revolut increased customer growth by 169%, the number of daily active customers by 380%, and saw financial revenues in 2018 grow by 354%.

Customer growth increased by 169%, daily active customers by 380% and financial revenues were up 354%.

Revolut will use the capital to further strengthen product development in existing markets, roll-out banking operations in Europe and increase daily engagement.Revolut will also focus on further developing its Premium and Metal subscription accounts, which have proven to be a successful revenue stream for the business, growing by 154% last year.

Over the last 12 months, Revolut has grown from a startup into a well-established financial services company. Looking at the year ahead, our focus is on the roll-out of banking operations in Europe, striving towards profitability and incentivising more of our 10 million customers to use Revolut as their daily account.

Nik Storonsky, Founder & CEO at Revolut

Revolut will also continue to invest in expanding its workforce across multiple locations. The company now employs over 2,000 people.  

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