The cash injection, which came from a group of investors led by US-based growth capital firm TCV, means the business is now valued at £4.2bn.

Revolut launched in 2015 with a prepaid currency card for travellers but has since branched into other areas including money transfer, stock trading and savings.

The firm said the new capital will be used to strengthen its core retail and business offering in existing markets, with a particular focus on product development that will help accelerate daily usage of accounts.

Future plans include lending services for retail and business customers, extending high interest savings accounts beyond the UK, further improving customer service and rolling out banking operations across Europe.

Nik Storonsky, founder and chief executive of Revolut said: “We’re on a mission to build a global financial platform – a single app where our customers can manage all of their daily finances, and this investment demonstrates investor confidence in our business model.

“Going forward, our focus is on rolling-out banking operations in Europe, increasing the number of people who use Revolut as their daily account, and striving towards profitability.”

Revolut has over 10 million customers globally.

Since launch, it has processed more than one billion transactions worth over $130bn.