British fintech startup with Russian founders Revolut has raised $80mln in new funding from US private equity group TSG Consumer Partners, holding on to the $5.5bn valuation it secured earlier this year despite the fallout from the pandemic.

As Bloomchain.ru reports, the investment would be treated as an extension of the $500mln “Series D” funding round it completed in February.

Chief Executive Nikolay Storonsky said the company was not actively seeking more capital after the deal but said “TSG approached us with an exciting proposition to work together”.

The UK-based fintech said it would use the investment to expand its US business and recently-launched rewards program.

The service was officially launched in the USA in March 2020. Since Nikolay Storonsky’s startup does not have a U.S. banking license, it has partnered with Metropolitan Commercial Bank to provide banking services. Thanks to cooperation with a licensed bank, the funds of Revolut clients are fully insured by the Federal Deposit Insurance Corporation (FDIC).

In addition, Revolut intends to expand its banking offering into Central and Eastern Europe. The company is also working on a subscription management tool. It lets you see all your active subscriptions and receive alerts directly on your smartphone.

The partner of Fintech section is