Revolut secures 62m pounds in a Series D extension led by TSG Consumer Partners
TSG Consumer Partners led the extension to support European banking operations and US product development.
Revolut operates a global financial platform offering banking, trading and payment services to millions of customers worldwide. Headquartered in London, the company provides alternatives to traditional banking through its mobile application.
Revolut has secured an 82m dollar extension from TSG Consumer Partners, bringing the total value of its Series D round to 580m dollars. The capital will support the company as it rolls out banking operations across Europe and accelerates product development in the United States. TSG Consumer Partners led the follow-on investment.
The fresh funding will be directed toward launching new product lines, including a subscription management tool and an enhanced rewards programme for customers. Revolut recently introduced cryptocurrency trading in the US market as part of its ongoing expansion.
Nik Storonsky noted that the company was not actively seeking capital when approached by TSG, but welcomed the partnership given the investor track record with consumer brands.
From the founder
"While we were not actively looking to raise any additional capital, TSG approached us with an exciting proposition to work together."
Nik Storonsky
Founder & CEO at Revolut
Investor perspective
"Revolut has established itself as a leading consumer brand in the dynamic and rapidly-growing financial technology sector,"
Colin Welch
Managing Director, TSG Consumer Partners
Use of funds
- 01Continue product development
- 02Expand into international markets