London-based banking app Revolut has become the newest FinTech unicorn following its latest $250m funding round.
This Series C, which was led by Hong Kong-based DST Global, puts the company valuation at $1.7bn. Other contributions to the round came from existing backers Index Ventures and Ribbit Capital.
Earlier in the month it was reported by Recode that Revolut was looking to raise around $150m, which would have put its valuation to $1.4bn.
Revolut is a mobile app which enables consumers to spend, transfer and receive money to more than 120 countries for free and with a real-time exchange rate. The platform, which also offers a contactless VISA card, also supports free ATM withdrawals, buy and exchange cryptocurrency, split bills, track spending and make budgets, instantly freeze the account, and hold multiple currencies.
The company recently added a pay-per-day travel insurance offering to its app. The service lets users get international medical and dental coverage from as little as £1. Family and friends can be added to the policy and through its geolocation technology, Revolut can automatically enable and disable cover.
Following the investment, Revolut is looking to hire more engineers and designers to its team and expanding into North America and Asia. The company is looking to launch in the US, Canada, Singapore, Hong Kong, Australia and New Zealand later in the year, with other countries still in the pipeline.
In a blog post Revolut said, “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.”
Funds will also be used to support the launch of new services including the addition of Ripple and Bitcoin Cash to Revolut Crypto, joining Bitcoin, Litecoin and Ether.
The company will also update Revolut Platinum with a bespoke contactless card made from stainless steel. Its Revolut Wealth service will also see development with an expansion to enable users to invest their funds into stocks, indexes, and exchange traded funds, as well as a host of other financial instruments.
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