British fintech startup Revolut reportedly raised $500 million in a new round of funding, lifting its valuation to $5.5 billion.
Revolut wants to bring in 100 million customers in the next five years and expand outside of Europe, CEO Nik Storonsky told Bloomberg TV on Tuesday.
The new round brings Revolut’s total funding to about $837 million, according to Crunchbase. Its last valuation was $1.5 billion, but with its new $5.5 billion price tag, it’s tied with Swedish payment installment startup Klarna for the title of Europe’s most valuable fintech startup, according to Bloomberg.
TCV led the new round, and the company is also backed by investors like Index Ventures, TriplePoint Capital and DST Global. It last raised a $250 million Series C, led by DST Global, in April 2018.
Revolut has more than 10 million customers and has processed more than 350 million transactions, according to the company’s website.