Revolut confirms $80m top-up of its pre-Covid Series D

By Oliver Smith on Monday 27 July 2020

Digital Banking

Taking the total raised as part of the round to $580m.

Revolut confirms $80m top-up of its pre-Covid Series D
Image source: Nik Storonsky (right)/Revolut.

London-based digital banking service Revolut has closed its Series D funding round for the second time, on Friday announcing an additional $80m had been added to the $500m round it announced in February.

The fresh funding comes from San Francisco private equity group TSG Consumer Partners, an investor in consumer brands like Brewdog and Voss. 

TSG joins TCV, the US-based investment firm announced in February to be leading the round, along with several unnamed existing investors in the fintech.

Revolut on Friday reiterated that the funding would be used to accelertate its banking operations in Europe “including full bank accounts and lending services” and teased several new products as being in-development including a new “subscription management tool” and a rewards programme.

On the funding CEO and founder Nik Storonsky said: “While we were not actively looking to raise any additional capital, TSG approached us with an exciting proposition to work together.”

“Now that the Series D round is completed, we can focus our efforts on rolling-out full banking operations in Europe and doubling down on product development in the United States.”

In the last few weeks Revolut has launched its open banking account aggregation feature in both France and Ireland with the help of TrueLayer.

It’s also expanded commodities trading to include silver, and moved to cut some costs around its foreign exchange offering by tightening its plan with new limits being introduced from 12 August. 

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