Cryptocurrency & Blockchain Business

British Digital Banking Firm Revolut Raises $250 Mln; Will add Ripple and Bitcoin Cash

Revolut, a British digital banking startup, announced that it has raised $250 million in the latest round of funding, giving it a valuation of $1.7 billion. The company further said Revolut Crypto will add two new currencies to the existing lineup, including Ripple and Bitcoin Cash, alongside the current Bitcoin, Litecoin and Ether.

The latest Series C investment round was led by Hong-Kong based DST Global, an early investor in Facebook and Spotify, and made Revolut one of the fastest companies in Europe to reach unicorn status. Existing investors Index Ventures and Ribbit Capital also participated in the new funding.

In a blog post, the company said, “Revolut is now backed by a portfolio of investors who helped nurture and grow the likes of Airbnb and Spotify.”

Further, the startup announced that it is hiring a lot of engineers and designers, as it begin to scale the company globally.

The company also said it is expanding to United States, Canada, Singapore, Hong Kong, Australia and New Zeland this year, with many more countries in the pipeline.

“By expanding overseas, we will be empowering millions of people to take control over their financial lives, and in the process, we will be reducing the cost of international transfers by partnering with the best players in the financial world,” it said.

Revolut, which provides a debit card that allows people to spend money in 150 currencies at a real-time exchange rate, with no fees, added that it has launched new features to its offerings. Revolut Platinum offers a bespoke contactless metal card made entirely from stainless steel and coated with a custom shade of metallic black paint.

Further, Revolut Wealth’s services will be expended to allow users to invest their funds into stocks, indexes and exchange traded funds or ETFs, alongside a variety of other financial instruments.

Revolut said over 1.5 million people have used its platform.

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