Revolut announces that have finalised a new round of $66m investment from some of Europe’s most well-known investors including Index Ventures, Balderton Capital and Ribbit Capital.
In a statement announcing the funding, the company says: “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. We’ll be heading to Asia and North America first, whilst growing our community of 700,000 customers across Europe.”
The firm says it will use the investment “to introduce a bunch of new features” and announced that has a “ton” of new products in the pipeline: “Soon you’ll be able to open a personal EUR account in seconds, buy and spend Cryptocurrencies in-app and invest your spare change in company stocks and bonds with our new Wealth product.”
Almost one year ago, Revolut ran a £1 million crowdfunding campaign which was oversubscribed by 10,000 would-be investors who pledged to invest over £17 million. This year, the company increased the crowdfunding total to £4 million.
“The crowdfunding campaign will be launching later this month. As promised, the first 5,000 Revolut Premium members will have priority-access to invest. Once they’ve had a chance to take part, we’ll open the opportunity to more Revolut users. Keep an eye on your email inbox over the next few weeks if you’re keen to take part.”, says the company.
Revolut users can hold and manage 16 currencies in the Revolut app, send free money transfers in 26 currencies, and spend fee-free in 120 currencies – always at the real exchange rate.
“It’s amazing to see how much our network has grown in just 2 years. Our end-goal is for anyone, in any country, to be able to open a Revolut account in 60 seconds and instantly hold and exchange their funds in any currency; send free money transfers to anyone around the globe in seconds; and spend anywhere in the world without any fees. Imagine!”, its the company ambition.