Revolut raises $80m in series-D extension

Eliza Punshi
27 July 2020

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UK-based banking app Revolut has raised $80m in a series-D extension from private equity firm TSG Consumer Partners, Unquote understands.

The US-based VC is focused exclusively on the consumer sector and has also backed companies such as BrewDog, SmashBox Cosmetics and Glacéau.

According to a report in TechCrunch, the extension keeps Revolut's valuation the same at $5.5bn.

The funding round brings Revolut's total series-D round to $580m. Prior to the extension, it had raised $903m in total, according to Crunchbase.

The company will use the proceeds to expand in Europe, to introduce new features in the US and launch new European credit products.

Previous funding
Balderton led a £1.5m round for Revolut in July 2015, with Seedcamp also taking part. In February 2016, Index led a £1.7m round for the company with Balderton, Seedcamp, Point Nine Capital, Venrex Investment Managers and other angel investors also participating in the round.

Balderton in 2016 led a £7.75m funding round for the company.

In 2017, Index led a $66m series-B round for Revolut, 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 participated in the round, with Draper Esprit contributing $16.5m towards the total.

In February 2020, Technology Crossover Ventures led a series-D $500m funding round, in which Bond Capital and Ribbit also participated.

Company
Founded in 2015 and based in London, Revolut is a FinTech company that offers digital banking to customers through an app. It allows customers to send and receive money and also offers stock trading and budgeting tools. The company has 12 million customers and employs nearly 2,000 people. In 2018, the company reported an operating loss of £32.9m from revenues of £58m.