Fintech player Revolut raises $66m and plans Dublin office

12 Jul 201767 Shares

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Fintech fever hits Europe as Revolut is on a funding roll.

Revolut, which enables users to set up bank accounts in 60 seconds, is intent on causing a revolution in banking.

The London-based company has just raised $66m (€58m) in a Series B round led by Index Ventures and existing investors Balderton Capital and Ribbit Capital.

‘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’
– NIKOLAY STORONSKY

Revolut has so far raised a total of $83m, and will run a crowdfunding campaign in the coming weeks to raise a further $5m.

Europe stirred by Revolut

Founded in 2015 and led by Nikolay Soronsky, Revolut offers foreign currency to consumers abroad at the interbank rate available on the financial markets.

It allows users to open a current account in 60 seconds, and services include a pre-paid, contactless Mastercard debit card and currency exchange with 16 different currencies, as well as a peer-to-peer payments platform.

Revolut has attracted 700,000 customers across Europe – including approximately 40,000 in Ireland – and now has its heart set on a global expansion.

The company is also planning to launch personal international bank account number (IBAN) accounts across Europe, which will enable users to exchange, spend and transfer cryptocurrencies.

“Asia and North America are far from immune to hidden banking fees and dated technology,” said CEO Storonsky in a statement.

“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.”

According to The Irish Times, Revolut intends to open a Dublin office and is currently recruiting for a number of positions, including an Irish country manager.

It is understood that at least 10,000 of its Irish customers have joined Revolut in the last three months alone.

Editor John Kennedy is an award-winning technology journalist.

editorial@siliconrepublic.com