British digital bank Revolut has raised $500 million in a funding round, making it one of the world’s most valuable financial technology firms with a valuation of $5.5 billion.
Silicon Valley-based venture capital firm TCV led the series D funding round that takes the total amount raised by Revolut to $836 million. The company has previously backed Netflix, Inc. NFLX, Spotify Technology SPOT and Airbnb, reports Reuters.
Related Link: Challenger Banks: Who's Who?
In the U.K., challenger banks such as Monzo, Starling, Tandem, Atom and Revolut are really taking off. The new wave of digital banks have been built using the latest technology.
Challenger banks such as Revolut are small retail banks that have been set up with the intention of competing for business from large, long-established national banks.
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