The popularity of online banking was documented in March with a high level of consumer interest, though the same study found customers are sceptical of digital-only options.
But there’s no doubt in the minds of investors about the market as London-based Revolut has sealed a $250m series C round. Indeed, the capital injection has rocketed the digital bank’s valuation to $1.7bn – a five-fold growth in under a year.
Now considered one of the fastest European fintech businesses to enter unicorn territory, the investment will support its global expansion plans with launches lined up for the US, Canada, Singapore, Hong Kong and Australia this year alone. This will be supported by a recruitment drive that’s set to more than double the existing headcount of 350 employees to 800 by 2019.
DST Global, the Hong Kong-headquartered investment group, led the round alongside the likes of Index Ventures and Ribbit Capital that both invested in the company’s series B last year, which has taken Revolut’s total investment to date up to $340m since launch in July 2015. Seemingly they were attracted by the fintech company’s uptake, as it processes $1.8bn a month and brings in between 6,000 and 8,000 customers daily.
Commenting on the raise, Nik Storonsky, founder and CEO at Revolut, said: “Our focus, since we launched, 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. Banking has historically avoided disruptions by technology but that is all about to change on a big scale.”
With more than 250,000 daily active users and the two millionth customer milestone straight ahead, Revolut aims to hit 100 million users in five years. Based on all it’s achieved in under three years, it would seem that will be no trouble.