Revolut is raising a large Series D round of funding and becomes UK’s most valuable fintech startup. 

TCV is leading the $500 million round, valuing the company at $5.5 billion. Over the past few years, Revolut has raised $836 million in total.

If you’re not familiar with Revolut, the company is building a financial service to replace traditional bank accounts. You can open an account from an app in just a few minutes. You can then receive, send and spend money from the app or using a debit card.

On top of that, Revolut has added a ton of features that it has built in-house or through partnerships. You can insure your phone, get a travel medical insurance package, buy cryptocurrencies, buy shares, donate to charities, save money and more.

Revolut currently has more than 10 million customers, mostly in Europe and the U.K. The company does not share specific numbers when it comes to transaction volume and monthly active customers, but here are some percentage-based metrics:

The total number of users has grown by 169% in 2019.

Daily active customers grew by 380% in 2019.

Revenue grew by 354% in 2018 (yes, 2018).

Revenue from premium subscription plans (Revolut Premium and Revolut Metal) have grown by 154% in 2019.

With the new influx of cash, the company says that it’ll focus on improving its product for existing users as well as revenue. It’s all about making Revolut more useful and stickier going forward.

In particular, you can expect new lending services for both retail customers as well as companies using Revolut for Business. While Revolut provides a ton of services in the U.K., customers in other markets don’t have the same feature set. For instance, Revolut recently launched savings vaults in the U.K. — customers in other markets will be able to open savings sub-accounts in the future, as well.

Other than that, Revolut wants to double down on the core features. The company will improve its two subscription tiers (Premium and Metal) and improve banking operations across Europe — you can expect full bank accounts in Europe in the future.

Revolut is currently live in the U.K., Europe, Singapore and Australia (in beta). While the company has announced plans to expand to a handful of countries, the main focus is on launching in the U.S. and Japan in the coming months.

The valuation puts it ahead of rival digital bank Monzo, which was valued at £2bn last year, and that of small business lender OakNorth, which previously held the top spot at £2.2bn.

Across 23 global offices it employs about 2,000 staff, 500 of whom are based in Canary Wharf. It has about 1,000 staff at its Krakow base in Poland.

But like its rivals – including Monzo and Starling – Revolut has not yet made a profit and does not expect to do so any time soon. It reported a pre-tax loss of £33m in 2018, more than double the £15m loss a year earlier.

Revolut has faced controversy over its treatment of staff and the founder’s alleged connections to the Kremlin. Russian-born Nik Storonsky was a trader at Lehman Brothers and Credit Suisse before launching Revolut. But his background came under scrutiny after it emerged that his father was director at a division of the Russian natural gas group Gazprom, which has been under US sanctions since Russia’s annexation of Crimea in 2014.

The connection sparked controversy in Lithuania, the former Soviet state through which Revolut has routed its EU banking licence. Last spring, Lithuanian politicians called for an investigation into the company (paywall), citing national security concerns. Stornsky has long denied any Kremlin links, and has written an open letter warning that “fearmongering is not something that should be taken lightly”.

Around the same time, reports emerged that Revolut employees were being forced to do unpaid work and were set unachievable targets, leading to high staff turnover. A spokesperson told Wired magazine the company’s culture was changing “as rapidly as our business”, adding that staff turnover was less than 3%.

Commenting on the fresh funding round, Storonsky said: “Going forward, 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. TCV has a long history of backing founders who are changing their industries on a global scale, so we are excited to partner with them as