Revolut raises $66m in Series B as tech sector continues to thrive post-Brexit
The fintech start-up will use the fresh injection of cash to expand into Asian and North American markets and will hire a number of European managers
Fintech start-up Revolut has raised $66m in Series B funding, as the UK's tech sector continues to thrive post-Brexit.
The investment round, which was led by Index Ventures with existing investors Balderton Capital and Ribbit Capital also participated, comes just one day after cyber security start-up Darktrace bagged an equally impressive $75m in a Series D funding round.
London-based, and launched in 2015 by Nikolay Storonsky, Revolut is a global banking app that allows frequent world travelers open a current account in 60 seconds, make free international money transfers and exchange up to 16 currencies at an inter-bank rate.
The fintech start-up will use the fresh injection of cash to expand into Asian and North American markets and will hire a number of European managers.
Last week, a report from the Mayor of London’s promotional agency London & Partners, revealed that London was still the number one tech hub in Europe for investment despite the uncertainty surrounding Brexit.
In May, Revolut joined forces with Startups Awards winner and online pension consolidation service PensionBee.
As part of the partnership, Revolut users can now ultlise much of Pension Bee's service, such as combining their pensions in one plan, adding more pensions as they switch jobs, making new contributions, and being able to see a live pension balance and forecast of retirement savings.
“Asia and North America are far from immune to hidden banking fees and dated technology. The fintech revolution has been an astounding success across Europe, and now is the time to broaden our horizon and embark on our global mission.
“With over 700,000 customers across Europe in just two years, I’m confident that Revolut will attract similar demand across Asia and North America.”
“We are also committed to improving our user experience by adding a wealth of new products in the coming months. From the integration of cryptocurrency to pay-as-you-go travel insurance at the tap of a button, we are demonstrating why we go ‘Beyond Banking’.”
Martin Mignot, partner at Index Ventures, said:
“Revolut is on a mission to create a world where moving money is easy, instant, free and transparent, regardless of country or currency. It is removing barriers between people and merchants, enabling them to transact seamlessly around the world.
“Very few founders have both the clarity of vision and the single-minded focus that Nik and his team have exhibited to date. They simply won't stop until their mission is complete.”