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Early Spotify backer TCV in talks to back $7bn fintech Revolut

revolut founder

Sky News has learnt that Technology Crossover Ventures, or TCV, is proposing to commit a substantial proportion of a $500m (£385m) equity-raising being assembled by Revolut. The company, which is also seeking to raise $1bn of new debt, wants to secure the new funding at a valuation of between $7bn (£5.4bn) and $8bn (£6.2bn), according to insiders. If it manages to do so, it would make Revolut Europe’s most valuable fintech business.

Sources said this weekend that the talks were ongoing and may not result in a formal agreement being reached by TCV and Revolut.

TCV, which raised a $3bn (£2.3bn) fund at the beginning of the year to back fast-growing tech companies.

It boasts one of the most formidable investment records of any Silicon Valley institution, having backed start-ups including Expedia, Facebook, LinkedIn and Peloton – the last of which is among the latest crop of US tech unicorns to go public.

In the UK, TCV’s portfolio includes World Remit, the money transfer platform.

The firm says it has invested a total of more than $10bn (£7.7bn) in tech companies around the world.

TCV is not the only venture investor to be in talks with Revolut, with a number of other funds also understood to have given term-sheets to the UK-based company.

Its funding round is expected to be concluded during the first quarter of 2020.

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