Revolut, a Fintech firm, has raised $250 million in a blockbuster Series C funding round. This funding has brought the valuation of the company to $1.7 billion. The funding round was led by DST Global, the investment arm of Russian billionaire Yuri Milner who was also an early investor of Facebook, Twitter, Spotify, and Airbnb. Revolut’s existing investors, Index Ventures and Ribbit Capital, also participated in the round.
DST Global’s Tom Stafford said, “Revolut is developing and delivering technology that reduces the complexity and cost of financial services for consumers and small businesses.” He added, “We are delighted to support Nik and the Revolut team as they continue to innovate, roll out new services, and expand geographically.”
Headquartered in London, Revolut provides a debit card that lets people spend money in 150 currencies. The company doesn’t charge fees at a real-time exchange rate and has rapidly expanded its services offering a current account, cryptocurrency trading, and insurance. The company is currently applying for a banking license in Lithuania.
In just a year, the company has grown by more than five times due to the addition of this recent funding. According to Revolut, the funding round makes it one of the fastest European tech companies to become a “unicorn.” A “unicorn” is a term given to a tech industry private company which is valued over $1 billion. To date, the company has raised $340 million since its launch in 2015.
The Revolut app has 2 million users globally and 250,000 daily active users. The company currently claims to be processing $1.8 billion transactions per month and as much as 8,000 new users are signing up daily. In the next five years, Revolut aims to have 100 million users on board.
CEO and founder, Nikolay Storonsky, said in a statement, “Our focus since we launched 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.”
Currently, Revolut has some stiff competition from many upcoming fintech companies, like TransferWise and Monzo.