London-based Revolut has expanded at a rapid pace in recent years, becoming a financial hub for customers looking to move beyond traditional banking.
Founded in 2015, the company started out offering prepaid debit cards so users could avoid foreign exchange fees while traveling abroad, but has since evolved into an app-based consumer bank with more than 12 million customers. Revolut’s still offers the debit card, but has added stock trading tools, cell phone and travel medical insurance, crypto purchases, and more to their list of services. Last month, the company added American Express to its open banking platform.
“Revolut’s goal has always been to help people manage their financial life in a quick, easy and convenient manner,” the company said in a statement. “Having to switch between different apps is inconvenient, especially when many people have multiple accounts.”
The FinTech also launched in the United States last week, debuting an app and debit card, and expanded into cryptocurrency trading with Paxos Trust Co., the New York-based settlement platform.
Revolut continues to plan for growth. It just announced that it has secured $80 million in new funding at a $5.5 billion valuation as part of a Series D round that started in February. Back then, it raised $500 million in a round led by Menlo Park, California-based TCV, one of the largest growth equity firms. This latest infusion—provided by TSG Consumer Partners, a San Francisco-based private equity company—is an extension of that round.
The company plans on using the money to add new features in the U.S. and launch banking operations throughout Europe. Revolut is also reportedly working on a subscription management tool so that users can see all of their active subscriptions, cancel them directly from Revolut, and receive alerts when their free trial ends.
Back in May, Revolut Founder and CEO Nikolay Storonsky said the company would use some of February’s funding to acquire competing technology firms that are struggling to stay afloat in the wake of COVID-19. With that in mind, the company recently hired Don Hoang, former director of business for Uber, to lead its acquisition efforts.