Revolut Crypto Investing App Valuated at $5.5 Billion After New $500M Funding Round

2020-2-26 22:16

The UK-based digital bank Revolut is now valued at $5.5 billion, after raising $500 million in its latest series D funding round. Raising a total of $836 million across the 4 funding rounds. This makes it one of the EU's most valuable fintech apps that is crypto-friendly.

The Revolut app has been used to buy, sell, and hold Bitcoin (BTC), Ether (ETH), and Litecoin (LTC) since 2017 while adding Bitcoin Cash (BCH) and XRP in 2018. In December last year, it received in Lithuania a banking license and started offering its customers prepaid cards together with banking services.

Funding Round Led by TCV

Revolut’s new funding round was led by TCV, the Silicon Valley-based venture capital group that invests in the top tech players on the market, like Spotify, LinkedIn, Facebook, TripAdvisor, and Airbnb.

The digital bank's new $5.5 billion evaluation ties to the record set by a private Swedish fintech firm Klarna, back in 2019. Revolut has more than 10 million users. Aside from offering stock trading and cryptocurrency features, it’s now looking to obtain a UK banking license and to provide lending services.

The UK Offers the Most Lucrative Market for Neobanks

The market in the UK has proven to be very lucrative for disrupter banks, also known as “neobanks“. Customers of neobanks have increased in numbers from 7.7 million to 19.6 million in 2019, says an Accenture report from Monday.

If Revolut manages to clear its path with regulators, it will also launch in the US during the first half of this year, while also trying to expand into the Asian and Latin markets.

More Traction for Crypto and Neobanks

The co-founder of another UK-based neobank, Sterling’s Mark Hipperson, has plans to launch another banking venture called Ziglu, in 2020’s Q1. Ziglu will offer multiple fiat and cryptocurrencies balances under one account and will have a Mastercard debit card linked to it. Hybrid banks that combine banking with cryptocurrency transactions are becoming more popular with the latest developments in fintech.

For example, Coinbase announced just last week that it have become an official Visa Principal Member and collaborations with crypto-based banks such as Syngum and Switzerland’s SEBA.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

RoundCoin (ROUND) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 ROUND

revolut funding round raising billion million app

revolut funding → Результатов: 4


Фото:

Поставщик решений для Revolut и TransferWise привлек $77 млн

Американская финтех-компания Galileo Financial Technologies закрыла свой первый инвестиционный раунд, собрав $77 млн. Раунд возглавила венчурная фирма из Пало-Альто — Accel. В Galileo также вложил деньги Райан Смит — генеральный директор компании по разработке программного обеспечения Qualtrics.

2019-10-18 12:48