Revolut has today announced that it has raised an additional $66m in Series B investment to fund aggressive expansion across Asia and North America. The latest cash injection increases Revolut’s total investment to $83m.
The investment round was led by Index Ventures with existing investors Balderton Capital and Ribbit Capital also participating. Revolut will also run a further $5m crowdfund campaign through Seedrs later this month. The company's previous £1m crowdfunding campaign was over-subscribed, with more than £17m pledged by over 10,000 would-be investors.
London-based Revolut, which launched two years ago, has firmly positioned itself as the banking alternative for those with a global lifestyle. With Revolut, customers can open a current account in 60 seconds, make free international money transfers, hold and exchange 16 currencies in-app with the interbank exchange rate and spend fee-free globally with a contactless MasterCard.
Last month, Revolut launched business accounts across Europe, allowing companies to hold, exchange and transfer in 25 currencies with the interbank exchange rate, and issue employees with corporate cards for global fee-free spending.
Revolut intends to use the funds primarily to expand their business and consumer service across Asia and North America, and will hire a number of country managers across Europe, particularly targeting key markets such as Germany, France and Scandinavia.
Revolut is also at the forefront of innovative product launches, having recently launched instant credit and a premium subscription. The company will soon launch personal IBAN accounts across Europe, meaning customers can now have their salary paid into their Revolut account, and will soon integrate cryptocurrency within the app, allowing customers to hold, exchange, spend and transfer internally in bitcoin, with Litecoin and Ethereum soon to follow.
Speaking on the investment, Revolut Founder & CEO Nikolay Storonsky said:
“Asia and North America are far from immune to hidden banking fees and dated technology. The fintech revolution has been an astounding success across Europe, and now is the time to broaden our horizon and embark on our global mission. With over 700,000 customers across Europe in just two years, I’m confident that Revolut will attract similar demand across Asia and North America.”
“We are also committed to improving our user experience by adding a wealth of new products in the coming months. From the integration of cryptocurrency to pay-as-you-go travel insurance at the tap of a button, we are demonstrating why we go ‘Beyond Banking’.
Martin Mignot, Partner at Index Ventures said:
“Revolut is on a mission to create a world where moving money is easy, instant, free and transparent, regardless of country or currency. It is removing barriers between people and merchants, enabling them to transact seamlessly around the world. Very few founders have both the clarity of vision and the single-minded focus that Nik and his team have exhibited to date. They simply won't stop until their mission is complete.”