Tuesday 14 January 2020 5:59 pm

Revolut valued at $5bn ahead of new funding round

UK-based fintech Revolut is reportedly set to be valued at $5bn (£3.85bn) in an upcoming funding round.

Investor Technology Crossover Ventures (TCV) is leading a funding round that is expected to close in January, according to documents seen by Financial News.

The documents showed that investors had placed a pre-money valuation of $5bn on the digital bank.

Silicon-Valley based TCV raised a $3bn (£2.3bn) fund at the beginning of 2019 to back rapidly-growing tech companies. TCV was an early backer of Spotify, Airbnb and Netflix.

In the UK TCV’s portfolio includes the money transfer platform World Remit.

According to Sky News reports last year, Revolut had been looking for new funding at a valuation of between $7bn and $8bn.

Revolut went on a hiring spree last year as it embarked on a global expansion drive and sought to move away from its startup roots.

In November it appointed former Standard Life Aberdeen vice-chairman Martin Gilbert as non-executive chairman in November.

Revolut also appointed Goldman Sachs veteran Michael Sherwood to its board last July to help with corporate governance.

Last September Revolut announced a tie-up with Mastercard ahead of its US debit card launch. It also agreed a deal with Visa to support at least 75 per cent of Revolut cards issued in other countries.

Revolut declined to comment.

(Main image credit: Getty Images)