Fintech startup Reverse raised $ 80 million

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The company is valued at $ 5.5 billion

Photo: halloabenteuer.com

Renowned British fintech startup Revolut has raised $ 80 million in funding from TSG Consumer Partners. The non-bank is estimated at $ 5.5 billion.

According to the company, the investment received is part of the D round, which was announced by Revolut in February 2020. The company then raised $ 500 million, and TCV was the lead investor. Thus, taking into account the new investment, the total amount of the round was $ 580 million.

Reverse plan to spend money raised on the development of new works for service in the United States and the recently launched reward program. The startup is also working on a subscription management tool.

Revolut is a Neobank, a “bank in a smartphone” that offers its customers a multi-currency debit card and a commission-free currency exchange. Now the company’s functionality has expanded a lot. Revolut was founded by Russian Nikolai Storonsky and Ukrainian developer Vlad Yatsenko.

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Earlier, Revolut announced that it would enter 24 new markets in 2020, including Ukraine. However, the company later stated that it planned to focus on development in Asia and North America. In the US, the project was launched in March this year.

Read: Raise $ 500 Million and Win Fintech: Reverse Founder Shared Plans for 2020

By content financial Times

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