Revolut, the rather noisy London fintech startup that offers a card and current account features that comes with low currency exchange, has taken venture debt from U.S.-based Triplepoint Capital, according to a regulatory filing. The amount remains undisclosed, though I understand the financing is to see the company through to a much larger Series B round currently in the works.
“Revolut recently closed a venture debt facility with a leading U.S. based venture debt firm,” a Revolut spokesperson told TechCrunch, confirming the Companies House filing dated 1st of June. “Revolut has significant growth plans and venture debt provides us with a quick means of accelerating the growth whilst we close our impending large equity round.”
The company has to date raised approximately £11 million in equity financing via two seed rounds and a Series A, according to CrunchBase.
Backers include pre-seed/seed investor Seedcamp, London VCs Index Ventures and Balderton Capital, Venrex, Germany’s Point Nine Capital, and U.S.-based Ribbit Capital. In addition, £1 million of Revolut’s Series A last year came in the form of equity crowdfunding via Crowdcube.
Meanwhile, the London-based startup has been pretty active of late, rolling out a plethora of features that take it beyond a pre-paid card for low currency exchange when spending abroad.
The company launched ‘current account’ functionality in February, putting it into neobank territory, and followed up in March by offering credit in partnership with Lending Works.
The same month, Revolut rolled out a subscription version of its service that sees users pay a monthly fee for unlimited interbank foreign exchange when you spend, transfer and exchange money via a Revolut account.