In a round led by Index Ventures and featuring participation from existing investors Balderton Capital and Ribbit Capital, Revolut has locked in $66 million in new funding. The investment takes Revolut’s total capital to more than $81 million raised since the London-based company was founded in 2015.
“We will be using the investment raised to take Revolut global, with the aim of establishing ourselves as the number one platform for consumers and businesses to manage their finances,” the company wrote in its announcement of the funding. Asia and North America are the initial destinations of Revolut’s global expansion “whilst growing our community of 700,000 customers across Europe.” To facilitate the company’s expansion in Europe, Revolut has hired a team of “international expansion managers. Switzerland, Germany, and France were name-checked as among the countries where the managers will be deployed. Revolut also announced that it is using a new provider, Google Cloud Platform.
Pictured (left to right): CEO and founder Nikolay Storonsky and CTO Vlad Yatsenko demonstrating Revolut at FinovateEurope 2015.
An alternative to traditional banks, Revolut is a Personal Money Cloud designed especially for traveling millennials. With the Revolut app and multi-currency card, users can make purchases in more than 100 currencies without worrying about exchange rate fees, and save up to 7.5% on international transfers in more than 20 different currencies. Revolut users can send or request money to and from friends via the app, email, or through social networks. The card and app provide push notifications, as well as a blocking feature in case of loss or theft. The app is available on both iOS and Android.
Revolut demonstrated its Personal Money Cloud platform at FinovateEurope 2015. Last month, the company launched business accounts in the U.K. and Europe and was named to both FinTechCity’s FinTech 50 and CB Insights’ Fintech 250 list. In April, Revolut partnered with U.K.-based online mortgage broker, Trussle, to enable homebuyers to begin the application process via mobile device, and in March, the company announced its £4 million crowdfunding investment round and the launch of its new Premium subscription service. Revolut teamed up with P2P lender Lending Works earlier this year, and introduced its customer service chatbot, Rita (“Revolut’s Intelligent Troubleshooting Assistant”) in February.