Friday 24 July 2020 4:13 pm

Revolut snaps up another $80m from Brewdog backers

Revolut has raised a further $80m to close out its series D funding round from TSG, a Silicon Valley private equity firm that has backed the likes of Brewdog, water brand Voss and Smashbox Cosmetics.

The $80m is in addition to the $500m in funding that Revolut announced earlier this year, taking its total amount raised to date to $917m.

Valued at $5.5bn, Revolut is the UK’s most valuable consumer fintech firm.

Read more: Fintech bank Revolut launches in the US

Revolut said it will use the investment to accelerate its banking operations rollout across Europe, expanding to full bank accounts and lending services.

It will also speed up its US arm and debut new product lines, including a new subscription management tool that is set to launch in the coming weeks.

“While we were not actively looking to raise any additional capital, TSG approached us with an exciting proposition to work together,” said Nik Storonsky, Revolut co-founder and chief executive.

“Given TSG’s track record of backing some of the most successful and innovative consumer companies in recent years, we were very pleased to have them onboard  as we accelerate the rapid adoption of our platform.”

Read more: European private equity deals plunge to seven-year low

TSG opened an office in London last year, and raised a new $4bn fund to take stakes in European startups.

Revolut said it now has more than 12m registered customers, with 2,000 people in 23 offices globally.