The new round, which gives the company a USD 1.7 billion post-money valuation — a five-fold increase in under a year— was led by Hong Kong based DST Global, along with a group of new and existing investors that includes Index Ventures, and Ribbit Capital. This brings the total amount raised by Revolut to USD 340 million in less than 36 months.
Meanwhile, Revolut says the new round of funding and surge in valuation follows “incredible growth figures to date,” with the fintech now processing USD 1.8 billion through the platform each month and signing up between 6,000 and 8,000 new customers every day. It claims nearly 2 million customers in total, of which 250,000 are daily active users, roughly 400,000 are weekly active users and 900,000 are monthly active users. The company says the target is 100 million customers in the next five years.
To that end, Revolut says the Series C funding will be used to go beyond Europe and expand worldwide, starting with the US, Canada, Singapore, Hong Kong, and Australia throughout 2018. The company also expects to increase its workforce from 350 to around 800 employees in 2018.
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