Category : Technology
Revolut has raised $500 million further financing and is currently valued at USD 5.5 billion. The new funds are going to be used to convince customers to use the service every day, and not just on vacation.
Revolut, a British financial start-up, has so far been valued at USD 1.7 billion. - financing round D of $ 500 million means that its value has now jumped to USD 5.5 billion. In total, the company has raised USD 836 million so far.
The company boasts that currently 10 million people use its services (in 2019 the number of users was to increase by 169 percent).
The new funds are to be used to expand products on markets where the company is already present, and to encourage customers to use Revolut not only on trips, but on a daily basis.
- Our goal is to create a global financial services platform - one application with the help of which clients can manage all their financial needs on a daily basis. In the next step, we will focus on the development of banking activity in Europe, encouraging customers to use our application on a daily basis and activities that will help us achieve profitability - said Nik Storonski, co-founder and CEO at Revolut.
In December 2018, fintech received a European banking license from the Central Bank of Lithuania and can now extend its offer to consumer loans and deposit accounts. This caused controversy - service critics reminded that the Lithuanian central bank is known for its exceptionally friendly approach to business, especially from the fintech circle, and secondly - that the European deposit security scheme is in its infancy and it is not known whether it will rise.
He also seriously accused Stasys Jakeliunas - the head of the parliamentary committee on finance and budget, who almost directly accused Revolut of relations with the Kremlin. They were due to the fact that Storonski's father is one of the directors of Gazprom.
Soronski refuted the charges, saying that his father is an engineer, deputy director and works at Promgaz, the part of Gazprom responsible for innovation research. Since 2014, it has been on the list of entities subject to sanctions due to Russian aggression against Ukraine.
In our part of Europe there is a lack of companies that would challenge the classic digital banking. Companies like Revolut and N26 are an exception in this field. "This is largely due to the active participation of traditional banks in the creation of modern solutions. Some innovations arise on the initiative of large players (BLIK)" - reads the report.
Revolut was created in 2015 as an alternative to money changers, especially for younger users and it has over 3 million customers in Europe.