Revolut, a U.K.-based challenger bank, announced $500 million in Series D funding led by U.S. growth capital firm TCV, which values the company at $5.5 billion. 

The funding will be used to strengthen Revolut's core retail and business offerings in existing markets, with an emphasis on developing products that boost daily usage of accounts. 

"We're on a mission to build a global financial platform — a single app where our customers can manage all of our daily finances, and this investment demonstrates investor confidence in our business model," Nik Storonsky, founder and CEO of Revolut, said in a company release. “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 10 million customers worldwide and is planning to add new services, including loans for personal and business customers and offering high-interest savings accounts beyond the U.K.