Digital banking alternative startup, Revolut, has announced that it successfully raised $250 million in its Series C investment round. The company is now valued at $1.7 billion, making it the latest tech unicorn – a title given to a startup that is worth over $1 billion. The company is also launching its services in the UAE, United States, Canada, Singapore, Hong Kong, Australia and New Zealand.
The new round of funding was led by Hong-Kong based DST Global with existing investors Index Ventures and Ribbit Capital also participating. Revolut is now backed by a portfolio of investors who helped nurture and grow the likes of Airbnb and Spotify.
Revolut is currently based in London and offers money transfers, vaults, personal loans, a system for buying and exchanging cryptocurrencies, and mobile phone insurance to more than 1.5 million customers. In order to make the process more flexible for crypto users, the startup is adding more cryptocurrencies to its platform including Ripple and Bitcoin Cash. Bitcoin, Litecoin and Ether are already available on the application. Revolut Platinum is another upcoming feature that will provide a contactless metal card to its users. The company also plans to add a few financial instruments such as stocks, indexes and exchange traded funds (ETFs).
Vlad Yatsenko, CTO and co-founder of Revolut, has previously stated that cash may be fully eliminated in the UK by 2030. “Businesses, especially financial institutions, are having to adapt as we move towards a cashless society. With the rise of contactless and mobile payments, I hope and believe that it will be possible for the UK to be fully cashless within the next 10 years. That is why Revolut are creating a number of features that make it even easier for our customers to make secure, cashless payments,” said Yatsenko. He also added that many areas in the UK already prohibit coins and cash such as buses, a few market traders and street vendors.