Revolut Receives $66 Million in Funding to Fuel Expansion

69570219 - fintech and bitcoins concept


Nikolay Storonsky’s startup banking firm Revolut Ltd is receiving investor funding totaling $66 million. The two-year-old company has attracted capital from several investors, including Ribbit Capital, index Ventures, and Balderton Capital. Revolut has announced that it intends to use the funds for expansion of operations, and has plans to add digital currency trading for its customers.

Bloomberg reports that Revolut will soon begin to provide options for customers to transfer, spend, and exchange Bitcoin and several other digital currencies. Unlike many cryptocurrency exchanges, the company plans to provide this capability at no charge, opting instead to rely on earnings that result from “price differences between buyers and sellers.”

Revolut is one of a new crop of fintech companies challenging a banking industry that has been slow to respond to new technological innovations. In that Bloomberg report, Storonsky stressed the importance of providing these types of services to customers:

“Adding cryptocurrencies and the ability to buy and sell them is a big step forward for a financial organization. Big banks are looking at us and seeing what we’re doing, for future things they want to add to their product pipeline, but they’re very slow.”

The London-based firm already has 140 employees in its home office, Moscow, and Krakow - and intends to expand its team by adding an additional 20 new hires as it opens branches in Singapore and New York.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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