LONDON — Financial expertise startup Revolut has raised $250 million in a blockbuster “Series C” funding spherical.
The funding, one of many largest-ever in European fintech, values Revolut at $1.7 billion. It means the 33-month-old firm has grown its valuation by greater than 5 occasions in a 12 months. Revolut says the funding spherical make it one of many quickest European tech firms to grow to be a “unicorn.” A “unicorn” is a tech business time period for a non-public firm valued at over $1 billion.
London-headquartered Revolut started as a no-fee overseas alternate card, linked to an app, however has quickly expanded to supply every little thing from journey insurance coverage and property funding to cryptocurrency buying and selling. It is presently making use of for a banking license in Lithuania.
The app has 2 million customers globally and claims to have 250,000 each day energetic customers. Revolut is presently processing $1.eight billion of transactions monthly and says it’s signing up as many as eight,000 new customers per day.
The funding spherical was led by DST Global, the funding automobile of Russian billionaire Yuri Milner who was an early investor of Facebook, Twitter, Spotify, and Airbnb, amongst others. Revolut’s current traders Index Ventures and Ribbit Capital additionally took half within the spherical.
CEO and founder Nikolay Storonsky stated in a press release: “Our focus, since we launched, has been to do every little thing utterly reverse to conventional banks.
“We construct world-class tech that places folks again in charge of their funds, we converse to our clients like people and we’re by no means afraid to problem previous considering to be able to innovate.”
DST Global’s Tom Stafford stated: “Revolut is creating and delivering expertise that reduces the complexity and price of monetary providers for customers and small companies.” He added, “We are delighted to assist Nik and the Revolut crew as they proceed to innovate, roll out new providers and develop geographically.”
The contemporary money injection shall be used to spice up hiring and gasoline growth. The startup desires to be within the US, Canada, Singapore, Hong Kong, and Australia by the tip of the 12 months. It additionally expects to extend its workforce from 350 to round 800 staff. Revolut stated it desires to succeed in 100 million clients globally inside 5 years.
The funding takes the overall raised by Revolut to $340 million and comes amid a wave of big funding into app-only banks in Europe. In March, Germany’s N26 raised $160 million and Britain’s Atom raised £149 million.