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Revolut Eyes Expansion In Asia, US After Raising $66 Million In Venture Capital Investment

Revolut Eyes Expansion In Asia, US After Raising $66 Million In Venture Capital Investment
With the aim of expanding its operations further across Asia and North America, Fintech app Revolut has raised $66 million in a venture capital investment.
Bringing its total investments up to $83 million by raising money through a Series B venture capital, the London-based business plans to venture into the new markets. The company offers foreign currency to consumers abroad at the interbank rate available on the financial markets.
"Asia and North America are far from immune to hidden banking fees and dated technology," Nikolay Storonsky, the company's chief executive officer said in a statement. "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."
The firm claims that users and customers are allowed to open current accounts in under a minute by the use of the app which was launched in 2015. A peer-to-peer payments service, currency exchange with 16 different currencies and a pre-paid contactless MasterCard debit card is included in the app.
"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," Storonsky added.
The investment round received further backing from London-based venture capital firm Balderton Capital and U.S.-based Ribbit Capital and was led by international venture capital firm Index Ventures.
Revolut will soon allow customers to hold, exchange, spend and transfer cryptocurrencies by t he use of personal international bank account number (IBAN) accounts across Europe, which is also expected to be launched by the firm very soon.
An integrated investment platform, where its customers can buy stocks and bonds on the go, is also being planned to be launched by the startup very soon.
Following Brexit, if rules around operating financial services change, the potential need to leave the city are being grappled by fintech firms that are based in London even as such firms also try to grapple with the fall-out from Brexit.
Even while the cofounder of Revolut told a television channel recently that the company might have to open another office abroad, for now, Revolusees itself sticking to London.
"London we still see it as a financial hub in Europe. For us, as I mentioned we are still going to stay in London. We may open an office in internal Europe as well but for us it's not going to make any difference," Yatsenko said in a TV interview recently.

Christopher J. Mitchell

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