Oscar Williams-Grut Apr 26, 2018, 7:16 AM ET
Nikolay Storonsky Revolut
StoronskyRevolut CEO and founder Nikolay Storonsky.
Fintech Revolut raised $250 million at $1.7 billion valuation.
Russian billionaire Yuri Milner’s DST Global led the funding round.
Funding will fuel international expansion and hiring.
Revolut started as a no-fee foreign exchange app but has expanded into banking and insurance.
LONDON – Financial technology startup Revolut has raised $250 million in a blockbuster “Series C” funding round.
The investment, one of the largest-ever in European fintech, values Revolut at $1.7 billion. It means the 33-month-old company has grown its valuation by more than five times in a year. Revolut says the funding round make it one of the fastest European tech companies to become a “unicorn.” A “unicorn” is a tech industry term for a private company valued at over $1 billion.
London-headquartered Revolut began as a no-fee foreign exchange card, linked to an app, but has rapidly expanded to offer everything from travel insurance and property investment to cryptocurrency trading. It is currently applying for a banking license in Lithuania.
The app has 2 million users globally and claims to have 250,000 daily active users. Revolut is currently processing $1.8 billion of transactions per month and says it is signing up as many as 8,000 new users per day.