London startup cell bank Revolut Ltd. has secured $80 million in new funding at a $5.5 billion valuation as a part of its Collection D spherical that kicked off 5 months in the past.
The most recent infusion of cash comes from TSG Shopper Companions, a San Francisco-based personal fairness firm, TechCrunch reported.
In February, Revolut raised $500 million in a spherical led by Menlo Park, California-based TCV, one of many largest development fairness companies. The brand new funding is an extension of that spherical to $580 million whereas the valuation stays the identical, the corporate mentioned.
Revolut can be backed by Index Ventures, the worldwide enterprise capital agency with twin headquarters in San Francisco and London, and a half dozen others.
Based in 2015, Revolut started by providing pay as you go debit playing cards that allowed customers to keep away from international exchange charges whereas touring overseas. Since then, the monetary know-how (FinTech) firm has expanded its portfolio to additionally provide enterprise banking.
Revolut is an app-based shopper bank account that enables prospects to ship and obtain cash and use built-in budgeting instruments. The startup gives its digital banking options with a debit card that customers can connect to their accounts, stock buying and selling instruments, cellphone and journey medical insurance coverage, purchase shares, donate to charities and lower your expenses. It boasts greater than 12 million prospects.
Whereas Revolut has emerged as one of many largest gamers within the crowded FinTech sector, it has but to make a revenue.
Final week, Revolut, which just lately debuted within the U.S. with an app and debit card, expanded into cryptocurrency buying and selling with Paxos Belief Co., the New York-based settlement platform.
Beneath the phrases of the deal, Paxos handles the back-office particulars wanted to make the cryptocurrency brokerage function on Revolut’s platform, together with compliance with state and federal rules, whereas enabling Revolut to deal with the customer-facing features of the connection.
In June, Revolut added American Specific to its open banking platform.
The function permits prospects in the UK to attach their American Specific accounts to Revolut, permitting them to see their balances and transactions in a single app.
In May, Revolut mentioned it’s going to combine its merchandise with Clear Books, which gives accounting software program for small companies. The 2 companies mentioned the pairing will allow prospects to see transaction historical past, observe whether or not invoices are paid or excellent, file payments and bills, and robotically create nice monetary stories.