Revolut Reaches Unicorn Status

Apr 27, 2018 · bqlive.co.uk

1500028577113.jpg  nikolay storonsky

The London-based fintech firm has become one of the fastest tech companies in Europe to reach unicorn status after closing a £179m funding round.

Revolut, the digital banking alternative, has raised an additional £179m in funding which will see the firm increase its valuation 5x in less than a year to £1.2bn.

The Series C round was led by Hong Kong-based DST Global alongside a portfolio of new and existing investors including other blue-ribbon Silicon Valley investors, Index Ventures and Ribbit Capital.

The latest cash injection brings the total amount raised by Revolut to £244m since the company launched three years ago.

The new round of capital and surge in valuation follows incredible growth figures to date, with Revolut now processing £1.29bn through the platform each month.

The company also signs up between 6,000 and 8,000 new customers every day, with nearly two million customers in total and an ambitious target of 100 million customers in the next five years.

Boasting over 250,000 daily active users, Revolut has been pushing out product at an impressive rate as part of its mission to convince people to ditch their traditional banks.

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