The announcement comes after the company’s successful US$500-million Series D funding round led by U.S. fund TCV, an early backer of companies like Airbnb, Netflix and Spotify. The new valuation is three times greater than what it was at the company’s 2018 fundraising round. (Financial Times)

Talking point: Despite not yet having made a profit, Revolut is now the U.K.’s most valuable financial technology startup after this funding round. “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,” CEO Nik Storonsky said in a statement. The startup wants to build a global financial service to replace traditional bank accounts. It has 23 offices worldwide and employs about 2,000 staff, serving over 10 million customers, with a goal to expand that to 100 million in the next five years. The company said its user base grew 169 per cent in 2019. Last fall, it made a deal with Visa to enter the North American market, where competition is increasing after rival app Monzo launched in the United States last year.