UK-based Revolut is on course to achieve a $5 billion valuation during an upcoming funding round, according to documents from lead investor Technology Crossover ventures (TCV)
Financial News, which has viewed the prospectus, says the round is expected to close later this month.
Silicon Valley TCV, an early investor in the likes of Spotify, Airbnb and Netflix, closed a $3 billion fund in January 2019 to back fast-growing new economy companies.
Revolut, which is working on a global expansion strategy to take its bank-like services beyond Europe, had been hoping to prise more cash out of investors, placing a more optimistic $7-$8 billion valuation on its business last year.