Revolut valued at £4.3bn after $500m funding round
Digital challenger bank Revolut, chaired by Standard Life Aberdeen boss Martin Gilbert, is now valued at £4.3 billion ($5.5bn) after securing $500 million from investors.
The investment has made the digital bank the UK’s most valuable fintech startup.
Revolut has said that US investor Technology Crossover Ventures and several of its current shareholders have invested into the company as it attempts to increase the number of customers who use the banking app every day.
TCV was an early backer of companies including Airbnb, Netflix and Spotify.
The valuation places Revolut ahead of its rival, Monzo, which was valued at £2bn last year, and that of small business bank OakNorth, which previously held the top spot coming in at £2.2bn.
Revolut has now expanded into UK current accounts, business banking, cryptocurrency and stock trading, with a customer base of 10 million worldwide, The Guardian reports.
Scottish Financial News reported in September last year, that according to research from Accenture, the digital-only banks are expected to experience huge growth, accumulating 35 million customers worldwide.
Nik Storonsy, founder of Revolut, said: “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. TCV has a long history of backing founders who are changing their industries on a global scale, so we are excited to partner with them as we prepare for the next stage of our journey.”