Revolut, the London-based bank that allows users to buy cryptocurrencies through its application, has raised more than $500 million in a Series D funding round.
Revolut announced the round Tuesday, led by Silicon Valley venture capital company TCV, meaning the bank is now valued at more than $5.5bn. Although investors have also participated from previous rounds, the company has not revealed any other names. Revolut seeks to challenge existing traditional banks, by undercutting their prices on services, for example.
Tuesday’s news means the company’s funding rounds have now raised a total of $836 million.
Revolut, which was launched in 2015, provides easy access to a host of financial services to its 10 million users. New users can open an account in minutes, and the company has expanded the number of supporting features including adding a platform for equity trading and insurance brokering.
Revolut added bitcoin (BTC) to its platform in July 2017, soon after its $66 million B. Ether (ETH) and litecoin (LTC) supported by bitcoin cash (BCH) and XRP (XRP) in May 2018. Revolut allows users to use Revolut card to send cryptocurrencies to other users in the app but does not allow them to send them to any external users or pay for crypto goods and services.
Revolut said funding would improve existing products and services, and expand its outreach outside its UK. Bottom up. It also plans to start offering loans to both its retail and corporate banking clients.
“Going forward, our focus is on rolling out banking operations in Europe, increasing the number of people who use Revolut as their daily account, and striving towards profitability,” Revolut CEO and co-founder Nik Storonsky said in a statement.
The company did not specify whether any funds would go towards improving their offering on cryptocurrency.