Crypto-friendly fintech firm Revolut raises $500M at a $5.5B valuation

Quick Take

  • Crypto-friendly investing app provider Revolut has raised $500 million in a Series D round that values it at $5.5 billion
  • With the fresh capital in place, London-based Revolut plans to improve its product and revenue

Crypto-friendly investing app provider Revolut has raised $500 million in a Series D round that values it at $5.5 billion.

Venture capital firm TCV led the round - an early investor in companies like Facebook and Netflix, TechCrunch reported Tuesday. Existing investors DST Global, Index Ventures and many others also participated.

With the fresh capital in place, London-based Revolut plans to improve its product and revenue. Specifically, retail and business users can expect new lending services. They can also expect full bank accounts in Europe in the future.

“We’re on a mission to build a global financial platform — a single app where our customers can manage all of their daily finances, and this investment demonstrates investor confidence in our business model,” said Revolut founder and CEO, Nik Storonsky. “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.” 

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

Revolut’s plan to raise $500 million was first revealed in November. At the time, the company said it wants to expand globally, including the U.S. and Japan.

Launched in 2015, Revolut has now raised $836 million in total. It claims to serve over 10 million customers, but is still a loss-making firm. It had a net loss of ~$42 million in 2018, while its revenue increased to ~$74 million from ~$17 million a year earlier.

Revolut offers both cryptocurrency and stock trading services via its apps. The firm recently also partnered with payments giant Visa and Mastercard to launch debit cards in the U.S. and other markets.


© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.