Revolut lands $250m funding
Now valued at $1.7bn
UK-based challenger Revolut has raised an additional $250m in Series C funding, which will see the fintech valued at $1.7 billion – five-fold increase in less than a year.
Revolut says is “one of the fastest tech companies in Europe to reach unicorn status”.
The funding round was led by Hong Kong based DST Global, alongside a portfolio of new and existing investors including Index Ventures and Ribbit Capital. The latest cash injection brings the total amount raised by Revolut to $340 million since the company launched three years ago.
Revolut aims to onboard 100 million customers in the next five years. At present, it has nearly two million customers, and says it is signing up 6,000-8,000 new customers daily, and processing $1.8 billion through its platform. It also boasts over 250,000 daily active users.
The new capital will be used to expand Revolut worldwide, starting with the US, Canada, Singapore, Hong Kong and Australia in 2018.
Revolut says it wants to grow its workforce from 350 to around 800 employees by the end of the year, “with a focus on attracting world-class engineers and designers”.
Nik Storonsky, founder and CEO at Revolut, states: “Banking has historically avoided disruptions by technology, but that is all about to change on a big scale.”
