Revolut raises $80m extension from TSG Consumer Partners and closes $580m Series D round
Corporate · 26 July 2020
- Proceeds of Series D will be used to accelerate the roll-out of banking operations across Europe and launch new products in the United States
- Transaction brings in TSG, a high-calibre investor with an extensive track record of backing and building global brands
London, 26 July 2020
Revolut, a global financial platform with over 12 million customers worldwide, today announced it has closed its Series D round, announced earlier in the year, with an $80 million extension, for a total of $580 million at the same valuation. The latest investment comes from TSG Consumer Partners, a leading San Francisco-based private equity firm that partners with founders and management teams to build high growth global brands.
Revolut will use the investment to accelerate the roll-out of banking operations across Europe, including full bank accounts and lending services, and to speed up production of new product lines, including a new subscription management tool and a rewards programme for customers.
In the coming weeks, Revolut will launch a new subscription management tool, which will allow customers to cancel subscriptions at the tap of a button, and will alert them when a free trial subscription is coming to an end.
Commenting on the fundraise, Nik Storonsky, Founder & CEO of Revolut, said: “While we were not actively looking to raise any additional capital, TSG approached us with an exciting proposition to work together. Given TSG’s track record of backing some of the most successful and innovative consumer companies in recent years, we were very pleased to have them onboard as we accelerate the rapid adoption of our platform.”
Mr. Storonsky added, “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. Given the current climate, we’re delighted to be in such a strong position to bring better banking services to people around the world.”
“Revolut has established itself as a leading consumer brand in the dynamic and rapidly-growing financial technology sector,” said Colin Welch, Managing Director at TSG. “The company’s innovative product offering, ability to seamlessly connect people around the world and commitment to enabling better financial services positions them for continued growth. We look forward to partnering with Nik, Vlad and the Revolut team as they continue to scale their global platform.”
Beth Pickens, Principal at TSG, added, “As the world’s premier and only truly global financial super app, Revolut has built a comprehensive technology platform that spans not only multiple geographies and product concepts, but also digital assets such as cryptocurrencies, further bridging physical and online transactions. The company’s recent entry into the US market creates a unique opportunity for TSG to provide value-added capabilities particularly in customer acquisition optimization and digital marketing.”
Revolut will also use this investment to enhance its Rewards programme, which uses analytics to understand customers' favourite brands, and then sends them exclusive discounts and cashback offers every week to help them get more from their money.
Revolut is developing new products and services to meet the specific needs of consumers. Last week, Revolut launched cryptocurrencies in the United States, enabling customers to buy, hold and sell Bitcoin and Ethereum at the tap of a button.
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