Mobile-only bank becomes Europe’s most valuable startup

The London-based fintech has so far raised $836 million from investors

UK digital bank

Mobile-only bank becomes Europe’s most valuable startup. Source: facebook.com

UK digital bank Revolut is valued at $5.5 billion, making it one of Europe’s most valuable fintech startups, according to LearnBonds.

The data revealed that $500 million has been fundraised by US-based investment firm TCV. The bank also attracted backing from existing investors such as Ribbit Capital, DST Global, Lakestar and GP Bullhound.

Besides, Revolut said the money will be used to carry out its banking operations, strengthen product development in other markets and build up its subscription accounts.

Also, the digital bank competes with such UK firms as Monzo and Starling and is now tied with Swedish e-commerce payments startup Klarna.

We’re on a mission to build a global financial platform – a single app where our customers can manage all of their daily finances, and this investment demonstrates investor confidence in our business model. Going forward, our focus is on rolling-out banking operations in Europe, increasing the number of people who use Revolut as their daily account and striving towards profitability
Nik Storonsky, Revolut co-founder and chief executive 

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