British fintech start-up Revolut has raised $500 million in a fresh round of funding that values it at $5.5 billion.
For years Revolut has been looking to expand into the U.S., and this fresh cash injection could bring it closer to that aim. While it's managed to expand beyond Europe into countries like Australia and Singapore, America has proven a tougher nut to crack for Revolut and other fintechs due to regulatory complexities. The company said it's looking to launch in the U.S. in the first half of 2020.
"We're on a mission to build a global financial platform — a single app where our customers can manage all of their daily finances, and this investment demonstrates investor confidence in our business model," Revolut founder and CEO Nik Storonsky said in a statement.
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