Revolut takes venture debt from Triplepoint Capital before ‘impending large equity round’
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 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.