Banking

Revolut Plans To Apply For Banking License In The US

Revolut

After applying for a banking license in Europe, Revolut plans to apply for one in United States in the near future. Chief Executive Officer Nikolay Storonsky said the startup could apply for a license in California by the end of 2018, Reuters reported.

However, through a banking partner, Revolut plans to roll out services in the U.S. this summer. As of now, the company has five employees in New York and plans to open an office in California. The company, which has 400 employees worldwide, currently offers almost 2 million users a debit card, along with a mobile app to help make it less expensive to send money.

The news comes a few months after Revolut announced $250 million in a new round of funding. In a press release, the U.K. FinTech said that with the $250 million, its valuation has jumped five times in less than a year to $1.7 billion. Revolut noted that it has become one of the fastest tech companies in Europe to reach unicorn status. The Series C round of fundraising was led by DST Global of Hong Kong and also included new and existing investors such as Index Ventures and Ribbit Capital. The company has raised $340 million since its launch three years prior.

Revolut said the new capital would go to expand around the globe, starting with the U.S., Canada, Singapore, Hong Kong and Australia this year. It also plans to boost its workforce from 350 to around 800 by the end of this year. A lot of the hiring will be focused on engineers and designers.

The round of funding came amid strong growth for the FinTech. Revolut said it processes $1.8 billion through the platform each month and signs up between 6,000 and 8,000 new customers each day. It has close to 2 million customers and is aiming to hit the 100 million customers mark in the next five years.

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