Online bank Revolut has more than tripled its valuation to $6bn (£4.6bn) after a long-awaited bumper funding round finally closed.

The firm has raised a total of $500m by selling new shares, according to filings. It was also thought to be raising $1bn of extra debt.

Its new valuation is far ahead of rival Monzo, which is worth an estimated $2.5bn, and almost a fifth as much as industry behemoth Royal Bank of Scotland.

Revolut is expected to formally announce the results of the round as early as next week. It said it does not comment on speculation.

The lender – which is thought to have 10m customers and remains loss-making – last raised cash almost two years ago at a much lower valuation of $1.7bn. Since then it has attracted a host of new investors.

Technology Crossover Ventures, a Silicon Valley fund that has also invested in Spotify and Airbnb, appears to have led the round. It would be the first time the fund has made an investment in Revolut, contributing about $150m.

Revolut also won new backing from Bond Capital, a growth fund set up by venture capital veteran Mary Meeker last year. Existing investor Ribbit Capital took part too, according to filings on financial database Pitchbook where news of the closure first emerged.

Speculation about the round has been swirling for years, with the digital bank rumoured to have been in talks with supporters for about two years.