Revolut has raised $250 million, boosting its valuation five-fold to $1.7 billion.
The new Series C round was led by Hong Kong based DST Global alongside a portfolio of new and existing investors including Index Ventures and Ribbit Capital. The latest cash injection brings the total amount raised by Revolut to $340 million since the company launched three years ago.
Starting life as a money-transfer platform, Revolut has moved further into traditional banking territory through a series of smart incremental add-ons to its product portfolio. In the last few months alone, the company has added features that allow customers to instantly buy and sell cryptocurrencies as well as a savings app for rounding up spare change from daily transactions.
Nik Storonsky, founder & CEO at Revolut says: “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.”
The company now processes $1.8 billion through the platform each month and claims to be signing up between 6,000 and 8,000 new customers every day. With nearly two million customers in total, the firm has set an ambitious target of reaching 100 million customers in the next five years.
The firm says the new capital will be used to expand Revolut worldwide, starting with the United States, 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.
Says Storonsky: “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.”