Revolut — A fintech startup raises $250M in Series C Funding

Revolut — A fintech startup raises $250M in Series C Funding
Courtesy : 1appsmarket

Revolut Limited is a company registered in England and Wales deals in the business of digital banking account and other related financial services.

Recently it has disclosed it raised a huge amount of $250 million in a Series C funding, which is great because it has been just a 3 years of its establishment.

The event was held by Hong Kong based DST Global (Digital Sky Technologies) other  and now it has been provided a valuation of $1.8 billion — earlier $1.7 billion and that is a five times increase in the net worth of the company within a period of one year.

Therefore the total amount raised by Revolut is $340 million and that is in just 3 years.

TransferWise another fintech company started a years ago and competitor of Revolut raised $280 million in Series D investment.

The main point of difference between two is Revolut has been started just 3 years ago and have worth of $1.7 billion whereas TransferWise commenced its operation 7 years ago with $1.8 billion worth.

Revolut with $1.8 billion valuation each month and adding more than 6000-7000 new customers every day.

Moreover officials claimed to have been a 2 million customer base with 250,000 million are daily involved and 400,000 weekly involved customers. Furthermore the company sets an target of 100 million customers in the next 5 coming years.

However, along with it, Revolut aims to convert the customers and businesses to move on from traditional banks and use its services which includes virtual debit cards, direct debits and money transfer.

Revolut also working on to get a European banking license which will directly help company to reach more customer and convert the prospects into lifetime loyal customers.

At the end, Revolut mentioned Series C funding will be a huge aid to move their operations beyond European markets and reach out to Hong Kong, Australia, Canada, Singapore and more and ultimately worldwide.

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