INSUBCONTINENT EXCLUSIVE:
Revolut, the London-based fintech that offers a digital banking account and sprawling set of other financial services, is disclosing that it
has raised a whopping $250 million in Series C funding, less than three years since launching.The new round, which gives the company a $1.7
of new and existing investors that includes Index Ventures, and Ribbit Capital
Series D investment, giving the company a reported post-money valuation of $1.6 billion
bank-disrupting fintech or perhaps signs of a fintech bubble
It is also worth remembering that these are private valuations with neither company yet to float on the public markets, even if TranserWise
customers every day.It claims nearly 2 million customers in total, of which 250,000 are daily active users, roughly 400,000 are weekly
active users and 900,000 are monthly active users
The company says the target is 100 million customers in the next five years.For a little more context, TransferWise has 3 million customers
challenger bank Monzo now has 630,000 current account customers, of which 200,000 are daily active users, 360,000 are weekly active users
and 500,000 are monthly active users
physical and virtual debit cards, direct debits and money transfer
pace.Many of these are through partnerships with other fintech companies, and include travel insurance, phone insurance, credit, savings,
The latter looks like riding the hype cycle almost perfectly
Revolut is also applying for a European banking license, which would enable it to begin balance sheet lending, too.To that end, Revolut says
the Series C funding will be used to go beyond Europe and expand worldwide, starting with the U.S., Canada, Singapore, Hong Kong, and
The company also expects to increase its workforce from 350 to around 800 employees in 2018.
