Revolut has raised an additional $250 million in funding that will see the London-based FinTech increase its valuation by five times in less than a year to $1.7 billion.
The new Series C 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.
The digital-only challenger bank is now processing $1.8 billion through it platform each month and signing up between 6,000 and 8,000 new customers every day, with nearly two million customers in total and a target of 100 million customers in the next five years.
The new capital will be used to expand Revolut worldwide, starting with the United States, Canada, Singapore, Hong Kong and Australia in 2018. Revolut also expects to increase their workforce from 350 to around 800 employees by the end of the year, with a focus on attracting new engineers and designers.
Founder and chief executive Nik Storonsky said the focus has been to do everything completely opposite to traditional banks.
“We build world class tech that puts people back in control of their finances, we speak to our customers like humans and we’re never afraid to challenge old thinking in order to innovate.”
“To have DST Global on board is an incredible endorsement of our business strategy as we begin to expand Revolut around the world. Banking has historically avoided disruptions by technology, but that is all about to change on a big scale,” he added.
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