Fintech unicorn Revolut raised $ 80 million

British fintech startup Revolut raised $ 80 million as part of Round D the company announced in February 2020.

• The total amount of the round, taking into account this investment, is $ 580 million, the Financial Times and a number of other media reported.
• In February, the company raised $ 500 million, with TCV as the lead investor, and its valuation was $ 5.5 billion. According to TechCrunch, Revolut’s valuation in this round remains the same, with TSG Consumer Partners as the investor.
• The company will spend the funds raised on the development of new functions for service in the USA and credit products in Europe.
• Also Revolut is currently working on a subscription management tool: it will allow the user to see all their active subscriptions, cancel them from Revolut and receive notifications when the free trial period ends.

Recall that Revolut is a “bank without branches”, all operations are carried out in the application of the same name on a smartphone. Its founders: Russian Mykola Storonsky (he moved to England and worked in the banking sector) and Ukrainian Vladislav Yatsenko, who met Mykola while working at Credit Suisse.

One of the first advantages of Revolut is that there is no commission when exchanging currencies, each user receives a multi-currency debit card. It used to be called a “travel service”, but later the company has greatly expanded the list of its financial functions. Now the company has about 12 million registered users.

Source: ain.ua