Revolut CEO Nikolay Storonsky
Revolut has raised £50m in Series B funding as it looks to drive its aggressive expansion across Asia and North America.
The investment round was led by Index Ventures with existing investors Balderton Capital and Ribbit Capital also participating.
Revolut will also be looking to raise a further £3.8m through a crowdfunding campaign on Seedrs later this month.
The company's previous £1m crowdfunding campaign was over-subscribed, with more than £17m pledged by over 10,000 would-be investors.
London-based Revolut, which launched just two years ago, has firmly positioned itself as the banking alternative for those with a global lifestyle.
With Revolut, customers can open a current account in 60 seconds, make free international money transfers, hold and exchange 16 currencies in-app with the interbank exchange rate and spend fee-free globally with a contactless MasterCard.
Last month, the firm also launched business accounts across Europe, allowing companies to hold, exchange and transfer in 25 currencies with the interbank exchange rate, and issue employees with corporate cards for global fee-free spending.
Revolut intends to use the funds primarily to expand their business and consumer service across Asia and North America, and will hire a number of country managers across Europe, particularly targeting key markets such as Germany, France and Scandinavia.
Speaking on the investment, founder and CEO Nikolay Storonsky said: “Asia and North America are far from immune to hidden banking fees and dated technology.
“The fintech revolution has been an astounding success across Europe, and now is the time to broaden our horizon and embark on our global mission.
“With over 700,000 customers across Europe in just two years, I’m confident that Revolut will attract similar demand across Asia and North America.
“We are also committed to improving our user experience by adding a wealth of new products in the coming months.
“From the integration of cryptocurrency to pay-as-you-go travel insurance at the tap of a button, we are demonstrating why we go ‘Beyond Banking’.”
Martin Mignot, a partner at Index Ventures, added: “Revolut is on a mission to create a world where moving money is easy, instant, free and transparent, regardless of country or currency.
“It is removing barriers between people and merchants, enabling them to transact seamlessly around the world.
“Very few founders have both the clarity of vision and the single-minded focus that Nik and his team have exhibited to date.
“They simply won't stop until their mission is complete.”
This latest cash injection increases Revolut’s total investment to over £64m.