Tuesday 25 September 2018

Fintech start up Revolut reaches 100,000 Irish customers as value increases to $1.7bn

Louise Kelly

Louise Kelly

Fintech startup Revolut has raised a further $250m (€205m) which increases its value five-fold to $1.7bn in less than a year.

The digital banking alternative currently serves more than 100,000 customers in Ireland, with 40pc using Revolut as their primary spending card at home and abroad.

Hong Kong-based DST Global led the new Series C funding round alongside a portfolio of new and existing investors, and brings the total amount raised by Revolut to $340m since its launch three years ago.

Among the investors is Dublin-listed Draper Esprit, which announced an investment of up to $16.5m (€13.5m) in the company.

The tech company plans to use the capital to expand globally, and increase its workforce from 350 to 800 employees by year end.

Revolut's Head of Business Development, Andrius Biceika told Independent.ie that the disruptor is becoming an everyday bank for Irish consumers.

"Our engagement is really picking up, exponentially so in some markets. We get the customer in as they believe we're leaders in terms of facilitating the travel piece. Obviously for us we want to move them into the everyday banking as soon as possible - but that happens by itself," he said.

"We don't do any marketing still as it's not necessary; we're continuing to grow organically, by word-of-mouth, across Europe and of course in Ireland."

Biceika said that Revolut are not worried about traditional banks catching up with them in terms of service offering "any time soon".

Furthermore, expansion outside of the European market is next on the cards for the online bank.

"Once you know that the product fits the market, you put the app and card into as many hands as possible," he said.

"Our limitation is the population of the world."

Founder & CEO at Revolut, Nik Storonsky, said that the company's focus has been to do everything "completely opposite to 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," he said.

Revolut now processes $1.8bn through its platform monthly and boasts over 250,000 daily active users. 

Pay-per-day geolocation travel insurance and disposable virtual cards are just two new offerings from the online bank this year.

Tom Stafford, Managing Partner at DST Global said that Revolut is developing and delivering technology that "reduces the complexity and cost of financial services for consumers and small businesses".

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