Funding secured by digital banking app Revolut moves the UK firm to the top of the fintech elite with a valuation of £4.2bn (€5bn, $5.5bn).
The £386m Series D round was led by US investment firm TCV, which has a track record in backing fast-growing tech businesses. Past beneficiaries include Netflix, Spotify and Airbnb.
This latest injection takes the total amount raised by Revolut to $836m resulting in a tripling of its last valuation two years ago. This latest funding will be used to roll out new products and to continue its European growth.
Since its launch five years ago, Revolut has attracted more than 10 million customers by offering online ways to manage money with current accounts, business banking and cryptocurrency but also by undercutting traditional banks on forex, money transfer and stock trade costs.
After a series of overseas expansions, plus deepening partnerships with Visa and Mastercard, Revolut is looking to open for business in the US this year.
Founder and CEO Nik Storonsky said the firm was aiming to build “a global financial platform”. Staff numbers are expected to grow from the current 2,000 across 23 global offices to 5,000 this year.
This latest valuation puts it ahead of main rival Monzo (£2bn) and small business lender OakNorth (£2.2bn). However, none of these big three fintech firms have yet to make a profit. Revolut, which reported a year-on-year doubling of its pre-tax loss to £33m in 2018, does not expect to do so any time soon.