UK digital start-up, Revolut has joined the ranks of unicorn firms with a $1.7bn valuation after raising $250m in a ‘Series C’ funding round, less than three years after launching
CEO of Revolut, Nikolay Storonsky, announced today that the company had quintupled its valuation after a successful funding round led by Hong Kong’s DST Global.
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Revolut currently covers all the costs of its operations. The company has been breaking down barriers in the banking industry since the very beginning. It started out as a no-fee foreign exchange card, linked to an app.
However, the company continues adding innovative features to its product, including cryptocurrency trading, overseas travel insurance, money-saving vaults. It also launched virtual disposable cards. These one-of-a-kind cards will work alongside Revolut’s existing security features, which include location-based security, the ability to freeze and unfreeze cards.
The technology is aimed at preventing online scammers from copying card details. It eradicates the risk that card details could be stolen from online databases.
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By GlobalDataStoronsky said: “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.
“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.”
Tom Stafford, DST Global managing partner said: “Revolut is developing and delivering technology that reduces the complexity and cost of financial services for consumers and small businesses.
“We are delighted to support Nik and the Revolut team as they continue to innovate, roll out new services and expand geographically.”
Revolut states it has around 250,000 daily active users. Continuing to set high targets, it aims to get 100 million active users within the next five years.
Although there is stiff competition from the likes of Monzo, Revolut isn’t slowing down and will be using the funding to expand internationally. Currently, the company is applying for a banking license in Lithuania.
