Founded in 2015, Revolut is a global financial platform with more than 10m customers, giving people the power to spend, invest and transfer money without the sky-high fees charged by the big banks. Since launch, Revolut has reached significant scale having processed over 600m transactions worth nearly $100bn.
The round was secured on the back of high customer demand and engagement and a strong financial performance last year. In 2019, Revolut increased customer growth by 169%, the number of daily active customers by 380% and saw financial revenues in 2018 grow by 354%. The company now employs over 2,000 people in 23 offices.
The $500m fundraise takes total capital raised to $836m with proceeds geared towards strengthening product development in existing markets, rolling out banking operations in Europe and increasing daily engagement. Revolut will also focus on further developing its Premium and Metal subscription accounts.
Alon Kuperman, Executive Director at GP Bullhound, said: “Revolut is a natural player for us to partner up with having built a relationship for several years now. The company’s metrics are truly explosive and the business model is highly scalable. We are excited to partner up with Nik and the management team in their mission to disrupt the global banking sector.”
GP Bullhound is investing in Revolut through Fund IV, which focuses on growth stage business in the software, digital media, marketplaces and fintech sectors. Recent investments include Slack, Klarna, Unity, RavenPack and Believe.
About GP Bullhound
GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to the world’s best entrepreneurs and founders. Founded in 1999, the firm today has offices in London, San Francisco, Stockholm, Berlin, Manchester, Paris, Hong Kong, Madrid and New York. For more information, please visit www.gpbullhound.com