Fintech startup Revolut, the London-based bank that allows users to purchase cryptocurrency on its app, has raised more than $500 million in a Series D funding round. Revolut have raised $837 million to date, bringing its valuation to $5.5 Billion.
Revolut is building a financial service to challenge traditional bank. You can open an account from an app in just a few minutes. You can then receive, send and spend money from the app or use a debit card.
Launched in 2015, Revolut provides its 10 million users with seamless access to a host of financial services. It has also added a many great features that it were built in-house or through partnerships. Users can insure their phone, get a travel medical insurance package, buy cryptocurrencies, buy shares, donate to charities, save money and what not.
Revolut added bitcoin (BTC) to its platform in July 2017, soon after its $66 million Series B, followed by Ether (ETH) and litecoin (LTC) later that year. Revolut allows users to send cryptocurrencies to other users in the app but does not allow them to send to any external users or pay for goods and services in crypto using the Revolut card.
Revolut said funding will improve existing products and services as well as expand its outreach outside of its U.K. base. It also plans to begin offering loans to both its retail and business banking customers. There are currently 2,000 people working for Revolut.
“We’re on a mission to build a global financial platform — a single app where our customers can manage all of their daily finances, and this investment demonstrates investor confidence in our business model. Going forward, our focus is on rolling-out banking operations in Europe, increasing the number of people who use Revolut as their daily account, and striving towards profitability”
– Revolut co-founder and CEO Nik Storonsky.