FinTech Firm Revolut Closes $250M USD Series C Funding Roundbr>
UK FinTech firm Revolut has raised $250 million in its Series C investment round. The funding round, which gives the company a $1.7 billion post-money valuation, was led by Hong-Kong based DST Global with existing investors Index Ventures and Ribbit Capital also participating.
Co-founded in 2013 by Nikolay Storonsky and Vlad Yatsenko, Revolut is a digital banking alternative that includes a pre-paid debit card (MasterCard), currency exchange, and peer-to-peer payments. The company currently supports spending and ATM withdrawals in 120 currencies and sending in 25 currencies directly from its mobile app.
The company intends to use the capital to hire engineers and designers, to launch new features, and to scale the company in the United States, Canada, Singapore, Hong Kong, Australia and New Zeland this year, with many more countries in the pipeline.
To celebrate the successful funding round, the company’s cryptocurrency service Revolut Crypto will be adding Ripple (XRP) and Bitcoin Cash (BCH) alongside bitcoin (BTC), Litecoin (LTC), and ether (ETH).
“Our focus since we launched has been to do everything completely opposite to traditional banks,” Revolut CEO and founder Nikolay Storonsky said in a statement. “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.”
“Revolut is developing and delivering technology that reduces the complexity and cost of financial services for consumers and small businesses,” DST Global’s Tom Stafford said. “We are delighted to support Nik and the Revolut team as they continue to innovate, roll out new services and expand geographically.”