Index leads $66m series-B for Revolut

Kenny Wastell
12 July 2017

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Index Ventures has led a $66m series-B funding round for UK-headquartered online bank Revolut.

Existing investors Balderton Capital and Ribbit Capital also took part in the fundraising, which brings the total amount raised by the business to $83m.

Additionally, Revolut will run a $5m crowdfunding campaign later in July, having previously raised $1m in funding through the same method.

The fresh funding will enable the business to undertake international expansion, with a particular focus on the US and Asian markets. It will also hire a number of country managers across Europe with a particular focus on France, Germany and Scandinavia.

Since first receiving funding as a foreign exchange and international money transfer platform offering interbank rates, Revolut has expanded its services to include current accounts for consumers and businesses. It is also in the process of launching personal IBAN accounts across Europe, enabling customers to have their salaries paid into their accounts, as well as introducing cryptocurrency integration and pay-as-you-go travel insurance.

Previous funding
Balderton led a £1.5m round for Revolut in July 2015, with Seedcamp also taking part. The following February, Index led a £1.7m round for the company with Balderton, Seedcamp, Point Nine Capital, Venrex Investment Managers and other angel investors also participating.

Balderton then led a £7.75m funding round for the company in July 2016.

Company
Founded in 2014 and headquartered in London, Revolut is an online banking platform. It allows users to open bank accounts, as well as make foreign exchange transactions and international transfers across 25 currencies at inter-bank rates.

People
Index Ventures – Martin Mignot (partner).
Revolut – Nikolay Storonsky (founder, CEO).