
TCV leads $500m round for Revolut at $6bn valuation
Technology Crossover Ventures (TCV) has led a $500m funding round for digital banking app Revolut, according to a report by the Daily Telegraph.
The deal is reported to give the company a valuation of $6bn.
TCV is currently investing from its TCV X fund, which closed on $3bn. The fund looks to invest $75-150m in companies in the consumer internet, IT infrastructure and services sector. Bond Capital and existing investor Ribbit Capital also participated.
Revolut is said to have raised the capital via a sale of new stock and is believed to be raising additional debt totalling $1bn.
Previous funding
Balderton led a £1.5m round for Revolut in July 2015, with Seedcamp also taking part. The following February, Index led a £1.7m round for the company with Balderton, Seedcamp, Point Nine Capital, Venrex Investment Managers and other angel investors participating.
Balderton then led a £7.75m funding round for the company in 2016.
Index led a $66m series-B round for Revolut in 2017, with Balderton and Ribbit also taking part.
In 2018, Hong Kong-based venture capital firm DST Global led a $250m series-C funding round for Revolut. New and existing investors including Index Ventures, Draper Esprit and Ribbit also took part in the round, with Draper Esprit contributing $16.5m towards the total.
Company
Founded in 2014 and headquartered in London, Revolut is an online banking platform. It allows users to open bank accounts, as well as make foreign exchange transactions and international transfers. For 2018, the company generated an operating loss of £32.9m from revenues of £58m.
Advisers
Company – JP Morgan (corporate finance).
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