Revolut Raises $66m in Funding, Adds Bitcoin

Announcements, FinTech, Investing | July 13, 2017 By:

UK FinTech firm Revolut has raised $66 million in its Series B funding round, led by venture capital fund Index Ventures.

Revolut provides payment cards that can be used abroad to pay for goods and services at the exchange rate used by banks anywhere that Mastercard is accepted.

The new funding will be used to improve business systems and consumer products and support the challenger bank’s international expansion, starting with Asia and North America. The company is also hiring a team of international expansion managers for countries across Europe, including Switzerland, Germany and France.

The company also announced that it is adding bitcoin to its app in response to high demand from customers. Users will now be able to hold, exchange, spend and transfer bitcoin the same way they use other currencies. Other cryptocurrencies, such as ether and Litecoin, will soon be added.

“We’ve got a ton of new features in the pipeline that will make managing your money even easier. Soon you’ll be able to open a personal EUR account in seconds, buy and spend cryptocurrencies in-app, and invest your spare change in company stocks and bonds with our new wealth product,” the bank said in a statement.