Digital challenger bank Revolut has become the UK and Europe’s latest tech unicorn after raising $250m in Series C funding. The 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 values London-based Revolut at $1.7bn and brings the total amount raised to $340m since the fintech start-up launched three years ago.
Boasting 1.5 million customers and over 250,000 daily active users, Revolut will use the capital to expand worldwide, starting with the US, Canada, Singapore, Hong Kong and Australia in 2018. The company also plans to grow its workforce from 350 to around 800 employees by the end of the year.
Revolut founder & CEO Nik Storonsky said:
“Our focus, since we launched, has been to do everything completely opposite to traditional banks. We build world-class tech that puts people back in control of their finances, we speak to our customers like humans and we’re never afraid to challenge old thinking in order to innovate.
“To have DST Global on board is an incredible endorsement of our business strategy as we begin to expand Revolut around the world. Banking has historically avoided disruptions by technology but that is all about to change on a big scale.”
Tom Stafford, managing partner at DST Global, added:
“Revolut is developing and delivering technology that reduces the complexity and cost of financial services for consumers and small businesses. We are delighted to support Nik and the Revolut team as they continue to innovate, roll out new services and expand geographically.”
Earlier this year, Revolut announced that it became the UK’s first digital banking app to break even thanks after a surge in user numbers.