In a Series E funding round, fintech Revolut raised €677 million. Following the funding round, the company announced that it is now worth €28 billion. Revolut is already extremely successful and continues to grow with over 1.5 million customers throughout Ireland. This figure includes their ‘junior users,’ those 17 years-old and younger, which total at around 100,000.
Two new investors of the round include Tiger Global Management and SoftBankVision Fund. With the large influx of funding, Revolut will be able to expand even further and has the intention to focus on its product innovation.The funding will also go towards the expansion of the company’s services in the United States and an introduction to India and other global markets.
Revolut was established in July of 2015 by Nik Storonsky and Vlad Yatsenko. It was originally created in the UK and began with offering money transfer and exchange services. The Company has been active in Ireland since 2015 and currently employs 60 people.
Revolut offers a complete finance product in only one single application. The company seeks to provide personalized services that resolve customers’ everyday needs and maintain low and straightforward fees. Revolut has been most known for its extremely customer-oriented services, but has recently been increasing its focus on business banking. There are currently plans to provide credit cards and loans to its customers, encompassing customers in the Republic.
The company has submitted an application to the Central Bank to receive an e-money licence. Customers of Revolut in Ireland are presently regulated by the Bank of Lithuania after a change in 2020 that shifted regulation outside of Britain because of Brexit. Today, the company claims to have over 16 million customers spanning the globe with dozens of its services being used to complete above 150 million transactions per month.
Revolut’s founder and CEO, Nikolay Storonsky, has stated that the funding will make the company the most valued fintech company in the UK and displays the confidence of investors in the business to increase the level of customer expectations across the entire industry.
In June 2021, Revolut selected Joe Heneghan to be in charge of its European dealings. More specifically, he will look over Revolut’s e-money institution and specialized bank licensed entities in Lithuania while also supervising the company’s growth in the European Economic Area (EEA).
Revolut has already found enormous success in the fintech industry and is just continuing to grow. It will be interesting to see how the funding is used in practice to expand its services across the globe.