Revolut raises $ 66 million to export its mobile banking to Asia and North America

by bold-lichterman

  • Revolut allows money to be exchanged in 16 different currencies to send or spend it free of charge up to 5,000 euros per month.
  • To date, the British FinTech claims 700,000 registered on its mobile application.

The amount

London FinTech Revolut completed a $ 66 million funding round led by Index Ventures. The historic investors Balderton Capital and Ribbit Capital also participated in this transaction. This brings the total amount raised by the company since its inception to $ 83 million. The British startup will also launch a $ 5 million crowdfunding campaign in the coming weeks.

The market

Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, Revolut initially launched a mobile application that allows you to send and receive money in multiple currencies. Gradually, FinTech added other financial services to become an alternative to traditional banks, like the German N26.

When registering, the user can create a virtual bank card but also obtain a physical MasterCard. It also has an IBAN. Revolut allows money to be exchanged in 16 different currencies to send or spend it free of charge up to 5,000 euros per month. More recently, the British start-up introduced a credit feature for UK users and business accounts. To date, it claims 700,000 registered on its mobile application.

Across the Channel, Revolut has to face increasing competition. The young growth Monzo and the neo-banks Starling Bank, Tandem and Atom Bank have also positioned themselves in this business segment. On a European scale, Revolut will have a hard time facing the German N26, which is gaining 2,000 new French users per week.

The objectives of the Start-up

With this new financing, Revolut plans to expand internationally, mainly in Asia and North America. The start-up also intends to launch new services. British FinTech will thus introduce cryptocurrencies, such as the Blockchain, the management of stocks and bonds, or the purchase of travel insurance within the mobile application.

Founders: Nikolay Storonsky and Vlad Yatsenko

Creation: 2015

The head office : London

Activity: mobile banking

Funding: $ 66 million in July 2017

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