Revolut has topped up its pre-Coronavirus Series D funding round with an $80 million extension, to make a total of $580 million at the same valuation.

The latest investment comes from San Francisco-based private equity firm TSG Consumer Partners and will be used to accelerate the roll-out of banking operations across Europe, including full bank accounts and lending services, as well as to speed up production of new product lines, including a new subscription management tool and a rewards programme for customers.

In the coming weeks, Revolut will launch a new subscription management tool, which will allow customers to cancel subscriptions at the tap of a button, and will alert them when a free trial subscription is coming to an end.

Revolut founder and chief executive Nik Storonsky said: “While we were not actively looking to raise any additional capital, TSG approached us with an exciting proposition to work together.

“Now that the Series D round is completed, we can focus our efforts on rolling-out full banking operations in Europe and doubling down on product development in the United States - given the current climate, we’re delighted to be in such a strong position to bring better banking services to people around the world.”

TSG managing director Colin Welch, and principal Beth Pickens, stated: “The company’s innovative product offering, ability to seamlessly connect people around the world and commitment to enabling better financial services positions them for continued growth as the world’s premier and truly global super-app."

Revolut will also use this investment to enhance its Rewards programme, which uses analytics to understand customers' favourite brands, and then sends them exclusive discounts and cashback offers every week to help them get more from their money.

Last week, the digital challenger bank launched cryptocurrencies in the US, enabling customers to buy, hold and sell Bitcoin and Ethereum at the tap of a button.

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