The venture capital firm invests £1m, joining prior backers Balderton Capital, Seedcamp, Point Nine, Venrex and a handful of angels. Revolut has now raised a total of $4.8m (£3.2m) from several top tier venture capital firms who stand behind Revolut’s ambition to build a fair, instant and frictionless platform to manage and use money worldwide.

Index Ventures has backed a number of hugely successful companies in the past including Funding Circle, Deliveroo, Just Eat, King.com and Skype. Revolut’s growth in a short space of time indicates great potential to one day join the ranks of the aforementioned companies. Revolut publicly launched in July 2015, leveraging the services of Paysafe, and now has 100,000 users who have transacted over US$200m saving them at least US$10m in fees and exchange rate markups. Revolut allows users to instantly spend and transfer money in multiple currencies at the interbank exchange rate[1] with an easy to use platform. Customers can spend in 90 currencies on the Revolut MasterCard® and instantly send money in 23 currencies.

To celebrate closing the seed round, Revolut launched a new version of its popular app. The upgrade boosts the user interface and adds new features enabling users to enjoy a smoother ID verification process, compare live exchange rates for multiple currencies in the app and make transfers directly to other people’s bank accounts; previously only possible by sending a notification to fill in their bank details.

The new round of funding will be used to continue growing Revolut’s presence across Europe with translation and customer support in key languages planned. It will also focus on product development, working to add new top-up currencies and features to the app such as a savings calculator and exportable statements.

“We are thrilled to bring Index Ventures on board as well as launch Revolut 2.0. We have demonstrated strong growth since our launch to the public in July 2015 and are eager to see what the future holds for our ambitious plans. We want to become the only account consumers will need to spend or send money. Today we have over 100,000 users who have transacted $200m and saved close to $10m because of the product we have built at Revolut ” says Nikolay Storonsky, CEO and Founder of Revolut.

“We love Nikolay’s ambition to build a global mobile money app and become the only app you need to spend, save, send and receive money,” added Neil Rimer, Co-Founder and Partner of Index Ventures.