Revolut (as in Revolutionary), a new application to instantly send and spend money globally, has captured solid VC support. In 2015, Crowdfund Insider reported the company had raised £1.5 million from Balderton Capital as the founder and CEO Nikolay Storonsky explained, “Revolut has an ambition to change the way money is transacted, sent and spent around the world.” Revolut is in the midst of their £8 million Series A funding round that is oversubscribed. As part of the round they have sliced off a portion for retail investors in the amount of £1 million but, as of this moment, more than 4900 peopled have indicated their interest in investing £9.36 million.
So why all of the excitement? Platform growth.
In a relatively short time, Revolut users have jumped and now number over 200,000, adding 1500 new customers per day. Accompanying the user growth is transaction volume now averaging about $4 million per day – in just ten months.
Index Ventures reports that Revolut users may participate for as little as £10. The terms for retail investors are the same as the institutional investors including Balderton Capital, Index Ventures and more.
Ribbit Capital General Partner, Meyer Malka, an investor in Revolut, said they are confident the Fintech startup can usher in a new era of digital banking “where clients come first.”
“We have looked at many players around the world and Revolut has the most transparent and mobile service that consumers feel proud of utilizing. We look forward to seeing their service expand around the world,” stated Malka.
Revolut, along with their investors, are not at all worried by the Brexit decision. Expansion plans are already in the works to enter Continental Europe.
— Crowdcube (@Crowdcube) July 11, 2016
Pre-registration closes on July 18th so you better hurry. As of now, you have 6 days and 17 hours to join almost 5000 investors trying to get in. The offer will be listed on Crowdcube. Expect shares to sell out fast.
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