Revolut scores bumper $66 million investment round
12 July 2017 | 6188 views | 0
Money transfer outfit Revolut has scored a bumper $66 million investment round and announced plans for a £4 million crowdfunding campaign as it looks beyond Europe's borders to Asia and the US and builds on its progression into a fully-fledged banking-as-a-service platform.
Index Ventures, Balderton Capital and Ribbit Capital were to the fore in the $66 million round which values the fast-growing but loss-making startup at over $300 million.
In a statement announcing the funding, the company says: "We will be using the investment raised to take Revolut Global, with the aim of establishing ourselves as the number one platform for consumers and businesses to manage their finances. We’ll be heading to Asia and North America first, whilst growing our community of 700,000 customers across Europe."
Other plans in the works include infrastructure investment to increase resilience and remove reliance on a "single third party". This latter will likely be a reference to Global Processing Services, where a succession of recent break-downs have hit front-end card payment services at a host of fintech startups.
"We’re working closely with our payment provider’s senior management team to understand the root cause of recent downtime and ensure adequate improvements are made," says the company.
A new hiring spree is also on the cards as the copmpany builds out its customer support team and sets up a dedicated team of developers, operations and UX specialists.
The firm says it has a "ton" of new products in the pipeline: "Soon you’ll be able to open a personal EUR account in seconds, buy and spend Cryptocurrencies in-app and invest your spare change in company stocks and bonds with our new Wealth product."
This comes on the back of the recent launch of a business platform for British and European companies to manage international payments, payroll and corporate travel.
Next up will be a £4 million crowdfunding campaign on Seedrs, building on the success of the company's last £1 million run which was oversubscribed by 10,000 would-be investors who pledged to invest over £17 million.