The global financial platform will use the funding — which was led by US-based growth capital firm TCV — to improve customer experience in addition to strengthening its core retail and business offering, with a specific focus on product development.

Revolut has revealed long-term plans, including lending services for retail and business customers, extending high interest savings accounts beyond the UK, further improving customer service as well as rolling out banking operations across Europe.

The fintech company will continue to focus on developing its premium and metal subscription accounts and also invest in expanding its workforce.

“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,” said Nik Storonsky, founder and CEO at Revolut (pictured above).

John Doran, general partner at TCV, added: “Using a modern technology stack and with a relentless focus on delighting customers, Revolut has built a truly exceptional customer experience that is exceeding anything that existing banks can offer.”

Economic secretary and City minister John Glen MP stated that the investment was a “clear indicator” of the UK’s strength as a place for fintech business.