Revolut, a London-based fintech startup, has raised $66 million in a Series B funding round last week, bringing its total investment to $83 million. The investors in the financing round include venture capital Balderton Capital, the US-based Ribbit Capital, and international venture capital company Index Ventures.
“Asia and North America are far from immune to hidden banking fees and dated technology,” said Revolut CEO Nikolay Storonsky. “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.”
The startup is planning to use the funds to expand in Asia and North America and enable users to hold digital currency, such as bitcoin, litecoin and ethereum.
“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,” Storonsky added.
With a staff of 140 people, Revolut currently has offices in Moscow, Krakow, and London. According to Storonsky, the startup is going to open offices in New York and Singapore and hire around 20 employees. They also plan to hire key country managers across Europe with a focus on markets in Germany, France and Scandinavia.
Revolut will soon launch personal international bank account number (IBAN) accounts in Europe to let customers keep, exchange, and transfer virtual currencies. Besides, the startup is going to open an integrated investment platform to enable users purchase stocks and bonds on the go. Customers will also be able to acquire travel insurance from the app.
Revolut was founded in 2015 by Storonsky and former Deutsche Bank AG technology developer Vlad Yatsenko. Storonsky moved to London in 2007 and worked as a derivatives trader at Lehman Bros. and also worked for Credit Suisse.
The app lets users to open an account in just a minute and provides currency exchange, a pre-paid contactless MasterCard debit card, and a peer-to-peer payments service. Users can spend, transfer, and exchange 23 currencies at the so-called interbank exchange rate.
The startup earns money from merchant charges on payments in stores, as well as from fees on ATM withdrawals. It currently serves more than 700,000 customers and is in plans to reach one million users by the end of the year.
Later this month, Revolut aims to obtain $5 million in a new crowdfunding campaign via the Seedrs platform. Its previous £1 million fundraising campaign was over-subscribed, with more than 10,000 potential investors pledging over £17 million.