Challenger bank Revolut has managed to raise $80 million (£63 million) from TSG Consumer Partners, a United States private equity firm, in its latest funding round, the company has recently announced.
The latest cash injection is an extension of the Series D funding round announced by the fintech firm back in February. As Finance Magnates reported, the investment round saw Revolut rake in $500 million, making it the most valued fintech in the United Kingdom, with a $5.5 billion valuation.
Revolut to use cash to fund expansion
Following the extra funds raised, Revolut has said that its valuation remains the same, with the UK-based company planning on using the extra cash to finance the company’s product expansion in the United States, as well as its geographical expansion across Europe.
Under its European expansion, the fintech plans on rolling out local banking details in multiple European countries, with Revolut planning on offering credit products across the region.
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Earlier this month, the UK-headquartered banking company launched its open bank service in France. By doing so, the fintech’s 1 million customers in the country are now able to directly connect their third-party bank accounts with their Revolut account.
As highlighted by Finance Magnates, the open banking feature will allow Revolut retail customers to connect their bank accounts with seven banks – Crédit Mutuel, Caisse d’Epargne, Banque Populaire, Crédit Agricole, Société Générale, BNP Paribas and Hello Bank.
In addition to its product suite currently available, the company is also working on a subscription management tool, allowing clients to view and cancel all of their active subscriptions from its app, as well as receive alerts when free trials end.