Fintech Investments

Revolut Nabs $10M To Ease Global Currency Exchange

Revolut Secures FinTech Funding

London FinTech startup Revolut announced that it raised a $10 million (£7.75 million) Series A funding round to help improve the way people spend and send various types of currencies across the world.

On Monday (July 11), TechCrunch reported that, of the £7.75 million funding round, Revolut will offer £1 million in an equity crowdfunding round on Crowdcube, allowing users to learn more about its metrics.

According to Revolut, it has garnered 200,000 customers in just 10 months, is gaining approximately 1,500 new customers each day and has processed more than $500 million in transactions.

It’s estimated that the company currently processes $4 million in transactions every day.

Revolut, a global P2P payments app, was recently selected to join MasterCard’s Start Path Global summer 2016 program — a class offering support to the next generation of commerce and FinTech startups from around the world.

The effort provides innovative early-stage startups with access to an immersive six-month program where they receive guidance and support from MasterCard on scaling their operations and entering new markets and industries. This new class of companies, selected from 500 applications across 60 countries, represents a diverse group in terms of team size, level of funding, revenue and sales pipeline.

Nikolay Storonsky, Revolut CEO, told Financial Times that last month’s Brexit vote provided an opportunity for the company to be one of the first big funding deals since the U.K.’s decision to leave the EU.

Revolut’s app and payment card enables users to perform mobile foreign currency exchanges — such as converting and spending money — from more than 100 currencies without charging a commission fee.

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