Revolut is a global money app, cutting hidden banking fees to zero. It allows users to exchange currencies at perfect interbank rates, send money through social networks and spend with a multi currency card everywhere MasterCard is accepted.
The award winning London start-up has already shook up the financial services industry and is now set to receive up to £6.75m from VCs. In a bid to raise a further £1m, the company is now launching a crowdfunding campaign aimed solely at its customers to help close the Series A funding round.
“Our customers have been pivotal to our growth, and to the shaping of the product, so I am thrilled to offer them the opportunity to become part of our company,” said CEO and founder Nikolay Storonsky.
Users can buy in for as little as £10, meaning that every customer who makes it onto their Investor List has the chance to own the same type of shares as Revolut’s institutional investors which include Balderton Capital, Ribbit Capital, Index Ventures, Point Nine Capital, Seedcamp and Venrex.
The campaign, hosted on Crowdcube, is designed to reward regular users and will rank potential investors according to the number of Revolut contacts. Those who have the most contacts will be given priority access to invest before they open the list to users lower down the list.
VCs are confident that Revolut can bring around a new digital era for the banking industry 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 utilising. We look forward to seeing their service expand around the world," explains Meyer Malka, general partner of Ribbit Capital.
Revolut is already making financial waves, handling over US$500,000,000 since launching in July 2015. Every day, 1,500 more users are joining Revolut, using it to pay and transfer money into foreign currencies with no fees and at the best exchange rates on the market.
And despite spending the last 10 months focusing on building a secure and user-friendly service, they still managed to attract 200,000 users without any marketing.
Brexit hasn’t halted their progress either according to CEO Nikolay Storonsky. “These have been difficult weeks for UK markets, but where there is uncertainty, there is opportunity, and we look forward to continue building a ground-breaking British business.” This sentiment is echoed by their leading backer, Balderton Capital.
“The positive feedback from consumers has been overwhelming; the speed of company and product development has been rapid; the plans for the future very exciting. We are confident that this company will exceed expectations, even in an unpredictable environment in Europe.
“We are delighted to lead another round of financing, and continue to work with an international team that are building a global business from London," says Daniel Waterhouse, general partner of Balderton Capital.
The pre-registration page goes live today (11 July) and will be open for one week. Those who sign up will get access to exclusive features including the Investor List and Revolut’s investment deck.
Future plans on the cards include Europe-wide expansion and rolling out a set of products targeting business.
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