Member Article

FinTech funding update: Revolut smashes records with £12m pledged

Startup Revolut has broken a crowdfunding record within 10 hours of the launch of its new crowdfunding drive on Crowdcube.

The London-based FinTech star has attracted over £12m in pledges from 6,627 people which, if the startup were to cash in on all the pledges, would rank it within the top 10 crowdfunding campaigns ever.

Announced on Monday, the firm’s crowdfunding campaign has been capped at £1m to complement its oversubscribed £7m Series A round which has drawn participation from Balderton Capital, Ribbit Capital, Index Ventures, Point Nine Capital, Seedcamp and Venrex.

Since its launch last year, the startup, which allows users to spend money abroad fee-free through its app and prepaid Mastercard, has handled over $500m and now boasts over 200k accounts.

Commenting on the overwhelming interest, founder and Chief Executive, Storonsky, said: “It’s great to know that our users believe as strongly in our product as we do. That’s why we launched this campaign, to thank our users for their dedication and to give people the same opportunity to invest as professional VCs get.”

The campaign will see those who have pledged an interest ranked depending on how many contacts they have within the app to determine who can invest in this crowdfunding round which, based on the level of demand, is likely to leave a lot of disappointed people.

Such demand not only highlights the growing appetite for crowdfunding investment amongst tech firms and the public at large, but also the continued resilience of the FinTech sector despite ongoing jitters in the economy.

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