UK challenger bank Revolut has raised an additional $80m in its Series D funding round to launch banking operations in Europe.
The additional funding comes from TSG Consumer Partners.
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The Series D round dates back to February when Revolut raised as much as $500m at $5.5bn valuation. This investment was led by US-based capital provider TCV.
The latest funding round brings the total amount raised by the company to $580m at the same valuation.
Revolut will use the fresh capital to ramp up its banking operations across Europe, with the addition of credit products at a later stage.
Additionally, the company will roll out a subscription management tool to allow customers to see their active subscriptions, as well as receive alerts when they end.
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By GlobalDataFounded in 2015, Revolut offers prepaid debit cards and business banking services to its users.
The digital bank allows consumers to receive, send and spend money on an app or use the debit card.
The app also allows users to save money, buy or exchange cryptocurrencies and shares, donate to charities as well as get a travel medical insurance package.
The company has a user base of 12 million users.
