Central regions | Finance, business | Technology & innovation
Russian fintech start-up in UK raises funds and plans expansion
17 Jul '17
Revolut, a UK-based start-up of Russian origin operating in the fintech sector, has raised $66m from a consortium of venture funds. The investment will be used to prepare a major expansion in Asia and North America, and also to develop new services enabling customers to use cryptocurrencies, Firrma.ru reported, citing Bloomberg.
Revolut offers a MasterCard banking card with accounts in three different currencies which are managed through a mobile app. Using the Revolut solution also enables clients to send money to a variety of MasterCard and other accounts.
The start-up was established in 2015 by Nikolai Storonsky, an ex Russian resident, and Vlad Yatsenko, a former tech developer for Deutsche Bank AG. In February 2016, the young company raised £1.7m from the Seedcamp accelerator program and a pool of VC funds and angel investors.
By the end of this month Revolut is hoping to raise $5m in a crowdfunding campaign and has plans to enable its customers to widely use virtual currencies, such as Bitcoin, Litecoin, and Ethereum.