Digital banking app Revolut has raised $500 million in a new funding round, taking its valuation to $5.5 billion
Revolut, which employs 2,000 people, said it would use the fresh funding to roll out new products including lending and to expand further in Europe.
There are also some signs of a slowdown in the wider British fintech industry, with the customer growth rate across neo-banks dipping in the second half of last year from 170% to 150%, while the average deposit balance fell by a quarter to £260, according to a report by consultancy Accenture. Revolut has experienced some growing pains, including media reports about a cutthroat working culture and poor treatment of some customers.
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