Revolut, the London-based financial institution that permits customers to buy cryptocurrencies on its app, has raised greater than $500 million in a Collection D funding spherical.
Revolut introduced Tuesday the spherical, led by Silicon Valley enterprise capital agency TCV, means the financial institution is now valued at over $5.5 billion. Though traders from earlier rounds have additionally participated, the corporate has not disclosed some other names. Revolut seems to be to problem current conventional banks, for instance by undercutting their costs on providers.
Tuesday’s information means the corporate has now raised a complete of $836 million in its funding rounds.
Launched in 2015, Revolut supplies its 10 million customers with easy accessibility to a number of monetary providers. New customers can open an account in minutes, and the corporate has expanded the variety of supported options together with including an fairness buying and selling platform and insurance coverage brokerage.
Revolut added bitcoin (BTC) to its platform in July 2017, quickly after its $66 million Collection B. Ether (ETH) and litecoin (LTC) adopted later that 12 months, with bitcoin money (BCH) and XRP (XRP) help coming in Might 2018. Revolut permits customers to ship cryptocurrencies to different customers within the app however doesn’t enable them to ship to any exterior customers or pay for items and providers in crypto utilizing the Revolut card.
Revolut stated funding will enhance current services and products in addition to develop its outreach exterior of its U.Okay. base. It additionally plans to start providing loans to each its retail and enterprise banking prospects.
“Going ahead, our focus is on rolling out banking operations in Europe, growing the quantity of people that use Revolut as their each day account, and striving in direction of profitability,” Revolut CEO and co-founder Nik Storonsky stated in an announcement.
The corporate didn’t specify whether or not any funds would go in direction of enhancing its cryptocurrency providing.
Disclosure Learn Extra
The chief in blockchain information, Fintech Zoom is a media outlet that strives for the best journalistic requirements and abides by a strict set of editorial insurance policies. Fintech Zoom is an unbiased working subsidiary of Digital Foreign money Group, which invests in cryptocurrencies and blockchain startups.