UK-based fintech Revolut is reportedly set to be valued at $5 billion in an upcoming funding round. Investor Technology Crossover Ventures (TCV) is leading a funding round that is expected to close in January 2020, according to documents seen by Financial News. Together with the UK Fintech Monzo and the German N26, Revolut is one of the European superstars among Fintech start-ups. The London-based startup was founded by Nikolay Storonsky and Vlad Yatsenko in 2015.
Silicon-Valley based TCV raised a $3 billion at the beginning of 2019 to back rapidly-growing tech companies. TCV has acquired a reputation as an early backer of Spotify, Airbnb, or Netflix. According to Sky News reports last year, Revolut had been looking for new funding at a valuation of between $7bn and $8bn. The documents available to Financial News, however, suggest that Revolut was not able to get that super-ambitious valuation as investors had placed a pre-money valuation of $5bn. In late 2019, Revolut was said to have more than 8 million customers and hence positions itself among the fastest-growing fintech start-ups.