Crypto-Friendly Fintech Firm Revolut secured $500M

Crypto-Friendly Fintech Firm Revolut secured $500M

Revolut, a Crypto friendly investing app, has now secured $500 million in the funding round of Series D, valued at $5.5 billion, reports CNBC.

According to the announcement, Venture Capital firm TCV led the funding round. Some of the existing investor Index Ventures, DST Global, and many others also participated in the round.

With the help of this new funding, the company has plans to improve on its product offerings in existing markets. The retail and business users can expect a new lending service.

Executive Opinion

The CNBC report notes the statement from Revolut founder and CEO, Nik Storonsky, which stated, "We’re on a mission to build a global financial platform — a single app where our customers can manage all of their daily finances, and this investment demonstrates investor confidence in our business model."

Revolut Mobile App

Revolut is a banking application that is positioned as an alternative to traditional banking products.  The app is designed to fit the global lifestyle of international users.

Revolut offers both the cryptocurrency and stock trading services within its app. Revolut allows exchanging fiat currency directly into Bitcoin, Litecoin, Ethereum, Bitcoin Cash and XRP, and all without breaking a sweat.

The firm has recently partnered with the payment giant Visa and Mastercard to launch its debit card in the US and some other markets.

The company to secure $500 million was first announced in November. Then, the company revealed its plans to expand across the globe, including Japan and the US.

PC: Pablo, Pixabay

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Udit Agarwal Opinions expressed by techsutram contributors are their own. More details

Udit Agarwal is a Digital Marketer and a Content Marketing Specialist, He enjoys technical as well as non-technical writing. His passion and urge for gaining new insights on gadgets, smartphones and technology has led him to Techsutram. He quenches his thirst for technology through his action oriented writing skills and a profound ability to stay up to date with latest industry trends.

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