21 July 2017
visit www.finastra.com

Revolut scores bumper $66 million investment round

12 July 2017  |  6170 views  |  0 Compass on Globe

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.
KeywordsFINDEX

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Revolut launches new business service across UK and Europe

Revolut launches new business service across UK and Europe

13 June 2017  |  6423 views  |  0 comments | 9 tweets | 16 linkedin
Revolut founder hits back at Brexit scaremongers

Revolut founder hits back at Brexit scaremongers

20 April 2017  |  7859 views  |  0 comments | 11 tweets | 6 linkedin
Revolut to undertake £4 million crowdfund raise; launches subscription service

Revolut to undertake £4 million crowdfund raise; launches subscription service

23 March 2017  |  5217 views  |  0 comments | 3 tweets | 5 linkedin
Meet Rita; Revolut's troubleshooting digital assistant

Meet Rita; Revolut's troubleshooting digital assistant

08 February 2017  |  5810 views  |  0 comments | 3 tweets | 9 linkedin
Revolut breaks UK crowdfunding record with over £12 million pledged

Revolut breaks UK crowdfunding record with over £12 million pledged

13 July 2016  |  7598 views  |  0 comments | 26 tweets | 10 linkedin

Related blogs

Create a blog about this story (membership required)
visit www.abe-eba.euvisit www.finastra.comvisit www.ncr.com

Top start ups topics

Most viewed Most shared
German fintech factory FinLeap raises EUR39 millionGerman fintech factory FinLeap raises EUR3...
12898 views comments | 19 tweets | 15 linkedin
Barclays rides payments-as-a-service wave with investment in Form3Barclays rides payments-as-a-service wave...
8142 views comments | 16 tweets | 12 linkedin
Former Credit Suisse board member de Boissard backs credit risk AI startupFormer Credit Suisse board member de Boiss...
5619 views comments | 3 tweets | 5 linkedin
hands typing furiouslyBanking on a pre-paid card platform
5614 views 4 | 1 tweets | 3 linkedin
TransferWise CEO Hinrikus steps aside for co-founder KäärmannTransferWise CEO Hinrikus steps aside for...
4834 views comments | 3 tweets | 5 linkedin

Featured job


Brussels or Frankfurt

Find your next job