Revolut has raised $80m (£63m) through its latest share sale, in a move that will further boost growth for the digital payments and banking app.
The group confirmed that the latest investment comes from US-based private equity firm TSG Consumer Partners, which has previously backed both Brewdog and Smashbox Cosmetics.
The banking app will now use its investment to extend its operations across Europe, and accelerate the growth of its US arm, as well as release new product lines, including a new subscription management tool that is set to launch next month.
The latest sale took place at the same $5.5bn (£4.27m) valuation from a previous sale in February, where the bank secured a further $500m (£389m). Its total amount raised to date now stands at $917m (£713m).
Sources told Sky News that Revolut’s “ability to raise new funding at the same valuation underlined its resilience, even as the cross-border travel on which its revenues partly depend faces a protracted recovery”.
Nik Storonsky, co-founder and chief executive, said: “While we were not actively looking to raise any additional capital, TSG approached us with an exciting proposition to work together.
“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.”