Revolut, the digital banking company, announced Thursday (April 26) that it has raised $250 million in a new round of funding.
In a press release, the U.K. FinTech said 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.
“Our focus, since we launched, has been to do everything completely opposite from 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,” said Nik Storonsky, the founder and CEO of Revolut, in the press release. “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.” The latest round of funding comes 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.
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. “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,” noted Tom Stafford, managing partner at DST Global, in the release.