Revolut reveals additional investment increasing business value to $1.7bn

Today (April 26), Revolut has revealed it has raised an additional $250m in funding that will see the London-based fintech increase its valuation by five times in less than a year to $1.7bn.

This means Revolut should become one of the fastest tech companies in Europe to reach ‘Unicorn’ status.

The Series C round was led by Hong Kong-based DST Global alongside a portfolio of new and existing investors including other blue-ribbon Silicon Valley investors, Index Ventures and Ribbit Capital.

The latest cash injection brings the total amount raised by Revolut to $340m since the company launched three years ago.

Nik Storonsky, founder and CEO at Revolut, said: “Since we launched, our 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.”

The new round of capital and surge in valuation follows incredible growth figures to date, with Revolut now processing $1.8bn through the platform each month and signing up between 6,000 and 8,000 new customers every day.

The company has over 250,000 daily active users, too. In the past few months, Revolut has launched features that allow customers to instantly buy and sell cryptocurrencies as well as a savings feature that lets customers round up their daily transactions.

The new capital will be used to expand Revolut globally, starting with the US, 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.

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