Revolut has raised a $66 million Series B round with Index Ventures leading the round, and existing investors Balderton Capital and Ribbit Capital also participating. The startup will also run another $5 million crowdfunding campaign in a few weeks. The company has raised $83 million in total.
Revolut started as a mobile app that lets you send and receive money in multiple currencies. Over time, the company has added a ton of financial services, turning it into a credible alternative to a regular bank account.
When you sign up, you can create virtual cards and receive a good old plastic MasterCard. You can top up your account using another card or a bank transfer. You can exchange your money in 16 different currencies in order to send it or spend it without any fee up to £5,000/€5,000 per month.
700,000 people have signed up so far. That’s why users are also using Revolut to split bills and instantly send money. When you create an account, you now also get an IBAN.
More recently, Revolut introduced a credit feature for U.K. users and business accounts. The startup even plans to add cryptocurrencies, stocks and bonds soon. You’ll also be able to purchase travel insurance from the app. With today’s funding round, the company also plans to expand to new countries in Asia and North America.
It’s sometimes hard to understand where Revolut is heading as the company is launching so many different products and currencies at once. It looks like the company doesn’t want to restrict itself. As long as it’s a financial or insurance product, Revolut wants to have it. And with so much more money in the bank account, the startup is definitely not going to stop just yet.