8.6 C
New York
Monday, May 27, 2024
Home Challanger banks Revolut raises $80m in new funding as it extends Series D round...

Revolut raises $80m in new funding as it extends Series D round to $580m

The challenger bank Revolut just announced that it has raised $80 million as part of its Series D round that it announced in February. This new funding comes from TSG Consumer Partners.

Revolut is also surprisingly holding on to the $5.5bn valuation it secured earlier this year despite the fallout from the pandemic. For example, Monzo bank that is also a key market player in the U.K. with more than 4 million customers, has confirmed it has closed £60 million in top-up funding last month. However, the paper value of the Revolut’s competitor dropped from £2.0 billion to £1.25 billion.

Read also: Leaked messages from Revolut’s CEO Nikolay Storonsky address the job cut accusations

The $80m is in addition to the $500m in funding that Revolut raised earlier this year, taking its total amount raised to date to $917m. TSG is a Silicon Valley private equity firm that has backed the likes of Brewdog, water brand Voss and Smashbox Cosmetics.

“While we were not actively looking to raise any additional capital, TSG approached us with an exciting proposition to work together,” said Nik Storonsky, Revolut co-founder and chief executive.

“Given TSG’s track record of backing some of the most successful and innovative consumer companies in recent years, we were very pleased to have them onboard  as we accelerate the rapid adoption of our platform.”

The number of transactions using Revolut cards fell by 45 per cent as international travel seized up, which Mr Storonsky previously said would lead to a “double digit” revenue fall.

However, the decline has been partially offset by an increase in income from services such as cryptocurrency trading and the company has said it still expects to be profitable by the end of the year.

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

NEW Revolut UK CEO to make Conference Debut at MoneyLIVE Summit

MoneyLIVE has today announced that Revolut’s newly appointed UK CEO will be making her conference debut at MoneyLIVE Summit 2024, which is...

2024’s Financial Innovators: A New Era of Banking Startups 

In the wake of the COVID-19 pandemic, our world witnessed an unprecedented shift towards digitalization. The banking industry, in particular, has been...

C-suite Banking and Payments Leaders From Across Europe Set to Meet at London’s MoneyLIVE Summit in March

On the 6-7 March 2024 MoneyLIVE Summit will return to London’s QEII Centre to unite over 1000 banking and payments leaders from...

The Evolution of Digital Wallets: A Shift from Physical Cards by 2030

By 2030, we can expect digital wallets to become the preferred payment instrument, offering a myriad of non-payment-related services for consumers.