Balderton leads £1.5m round for Revolut

The fresh capital will be used to fund product development, team expansion and marketing activity, unquote” understands.

Existing backer Seedcamp took part in the round. It is also understood Balderton’s investment was drawn from its fifth fund, a $305m vehicle dedicated to series-A investments, having held a final close in March 2014.

Revolut is the latest in a long list of London fintech companies to receive venture capital backing. In 2015 alone, Sapphire Ventures has taken part in a $18m series-C for Currency Cloud, Frog Capital has led a $20m series-B funding round for Azimo, Technology Crossover Ventures has led a $100m series-B for WorldRemit and Andreessen Horowitz has led a $58m series-C for Transferwise.

Company
Founded in 2014, Revolut is currently based in the Level 39 tech incubator in London’s Canary Wharf estate. The company's mobile app provides consumers with international money services including transfers and foreign exchange, which is charged at interbank rates with no additional fees. 

Upon signing up for the service, Revolut customers are set up with a Mastercard account linked to the platform. Users move cash into their account via debit card or money transfer, which can then be spent using their Mastercard, withdrawn at ATMs or sent to other people by email, SMS or social media. 

People
Daniel Waterhouse is a general partner at Balderton. Nikolay Storonksy is founder and CEO of Revolut.

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