Revolut Global Ltd., a banking and trading services provider, has announced that it managed to raise $66 million in Series B funding. The investors include, among others, Balderton Capital, Index Ventures, and Ribbit Capital.
Upon finalizing this recent funding round, Revolut Global stated its intention to improve its products and business model. In addition, the firm will expand its business from its existing client base of 700,000 in Europe to Asia and North America.
Pros and Cons of Being a BrokerGo to article >>
The company’s plans further include allowing clients to open accounts in EUR and conduct transactions with Bitcoin, Ethereum, and Litecoin in-app. Customers will also be able to invest money in Revolut Global shares and bonds with its wealth product.
Nikolay Storonovsky, co-founder and CEO of Revolut Global, said in an interview recently that corporate banks look to Revolut Global to find new products to offer their clients, but they move too slowly in his opinion: “Adding cryptocurrencies and the ability to buy and sell them is a big step forward for a financial organization.”
About a year ago, the banking fintech company ran a £1 million crowdfunding campaign, in which 10,000 investors were willing to fund Revolut Global with more than £17 million. Another crowdfunding campaign has been scheduled to go up later this month with a total of £4 million, following last year’s outcome.
Revolut Global was founded about two years ago by former Credit Suisse trader Nikolay Storonsky and Vlad Yatsenko, former technology developer at Deutsche Bank AG. Mr. Yatsenko is the other co-founder and CTO at Revolut Global. The firm currently has 140 employees in its London headquarters and in its offices in Moscow and Krakow. In the future, additional offices in Singapore and New York will be opened.