Challenger bank Revolut has this week secured $66m (£51.2m) in equity investment from Balderton Capital, Ribbit Capital, and Index Ventures. The round takes Revolut’s total raised to £60.4m, putting it on a par with competitors such as Atom and Monzo.
Originally developed as an online platform through which users can hold cash in multiple currencies, Revolut now offers users a current account, plus the ability to send and request money and break down spending.
Previous investors in Revolut have included Seedcamp (twice), Point Nine Capital, TriplePoint Capital, Venrex Investment Management, and equity crowdfunding platform Crowdcube.
The capital is intended to allow Revolut to expand its services across Asia and the US. It was reported by Tech City News that this round will take the company’s valuation to £300m but our analysts have yet to confirm this. If true, this will be over £100m more than the latest reported pre-money valuation of its nearest rival, Atom. This represents a remarkable rise in valuation over a very short period for another young bank.