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Revolut raises $66 million in venture capital investment; eyes expansion in Asia, US

  • Fintech app Revolut raises $66 million in a venture capital investment led by international venture capital firm Index Ventures
  • Revolut is eyeing expansion of its operations across Asia and North America
  • The Series B round brings the company's total investments up to $83 million
Revolut

Fintech app Revolut has raised $66 million in a venture capital investment in order to expand its operations further across Asia and North America.

The London-based business, which offers foreign currency to consumers abroad at the interbank rate available on the financial markets, raised the money in a Series B venture capital, bringing its total investments up to $83 million.

"Asia and North America are far from immune to hidden banking fees and dated technology," Nikolay Storonsky, the company's chief executive officer said in a statement on Wednesday. "The fintech revolution has been an astounding success across Europe, and now is the time to broaden our horizon and embark on our global mission."

Launched in 2015, the app allows customers to open a current account in under a minute, the firm claims. It includes a pre-paid contactless MasterCard debit card, currency exchange with 16 different currencies and a peer-to-peer payments service.

"With over 700,000 customers across Europe in just two years, I'm confident that Revolut will attract similar demand across Asia and North America," Storonsky added.

The investment round was led by international venture capital firm Index Ventures, and received further backing from London-based venture capital firm Balderton Capital and U.S.-based Ribbit Capital.

Revolut is soon expected to launch personal international bank account number (IBAN) accounts across Europe, allowing customers to hold, exchange, spend and transfer cryptocurrencies.

The start-up is also planning to introduce an integrated investment platform, where its customers can buy stocks and bonds on the go.

Revolut backs London

Fintech firms in London have been grappling with the fall-out from Brexit and the potential need to leave the city if rules around operating financial services change.

For now, Revolut sees itself sticking to London, but co-founder Vlad Yatsenko, told CNBC the company might have to open another office abroad.

"London we still see it as a financial hub in Europe. For us, as I mentioned we are still going to stay in London. We may open an office in internal Europe as well but for us it's not going to make any difference," Yatsenko said in a TV interview on Wednesday.