London-based banking app Revolut has reportedly received a new round of funding led by DST Global.
The investment is set to value the company at around $1.4bn, according to a report by Recode which cites people familiar with the matter. It states the company was looking to raise around $150m in a funding deal; however, it could net $250m.
Last year, the company picked up a $66m investment from Index Ventures, Balderton Capital, Ribbit Capital to support its global expansion in Asia and North America. The company also raised £3.9m in a crowdfunding campaign, which was raised at a $275m pre-money valuation.
Revolut is a mobile app which enables consumers to spend, transfer and receive money to more than 120 countries for free and with a real-time exchange rate. The platform, which also offers a contactless VISA card, also supports free ATM withdrawals, buy and exchange cryptocurrency, split bills, track spending and make budgets, instantly freeze the account, and hold multiple currencies.
The company also recently added a pay-per-day travel insurance offering to its app. The service lets users get international medical and dental coverage from as little as £1. Family and friends can bee added to the policy and through its geolocation technology, Revolut can automatically enable and disable cover.
DST Global has made several FinTech investments over the past year. The firm previously contributed to the $65m Series C round of online alternative investment marketplace Cadre, and the $110m round of stock trading app Robinhood.
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