Data Science Investment Counter —Funding raised by UK data science companies in 2018.
£ 5.640 Million

FinTech Star Revolut Raises £180 million Series C

London-based fintech startup Revolut has raised a staggering £180 million ($250 million) Series C round led by Hong Kong’s DST Global and backed by a number of new and old investors including Index Ventures, and Ribbit Capital.

The company offers a range of digital banking services and it is also popular among cryptocurrency traders. Founded by Russian entrepreneurs  Nikolay Storonsky and Vlad Yatsenko three years ago, the company has already raised over £247 million ($340 million) in funding, and following the new round its value has been pinned at a post-money figure of £1.24 billion ($1.7 billion). It is an instant-unicorn.

Revolut has bragged that the fresh injection of cash comes after “incredible growth figures to date”: it claims to be processing over £1.3 billion through its platform every month, and snapping up some 6,000 to 8,000 new customers on a daily basis— so far, the company gained 2 million customers.

The company’s secret sauce might be its impressively diverse and vast range of services, which rival what a bank can do, and then some more. It features virtual debit cards, direct debits, money transfer, foreign currency exchange and a cryptocurrency trading feature. But, through a web of partnership, Revolut also offers travel insurance, phone insurance, credit, and savings.

Revolut is now planning to use the money from the Series C round to expand beyond Europe— bringing its business worldwide, stating from the US, Canada, Australia, and Singapore by the end of 2018. The boost will also help Revolut bring its workforce up to 800 from the current 350 employees.

 

Image via Revolut

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BY SHACK15

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