Fintech Firm Revolut Raises $250 Million, Adds BCH And XRP to Its Crypto Service.

by | Apr 28, 2018 | Cryptocurrency, Cryptocurrency News

Fintech Firm | Revolut | $250 Million | XRP | BCH | Cryptocurrency news

Revolut, the London-based digital banking startup that claims its platform is the “easiest, fastest way to buy, hold and exchange Bitcoin, Ether, and Litecoin at the best possible exchange rate,” announced the addition of Ripple and Bitcoin Cash to its trading options. The announcement includes news that the company raised a $250 million Series C investment round and is now valued at $1.7 billion.

DST Global, a company that was early investors in Facebook and Spotify, led the funding round, which included other high profile venture capital firms Index Ventures and Ribbit Capital.

 Launching a crypto-enabled platform that fits within regulation is no easy task. During TechCrunch’s Disrupt Berlin conference last December, CEO of Revolut Nikolay Storonsky touched on Revolut and its crypto service strategy.
“Despite being one of the hottest trends in the world right now, getting exposure to cryptocurrency has notoriously been time-consuming and expensive. We are going to open up cryptocurrency exposure to everyone, faster than any other platform on the market.”
Revolut has been growing quickly. The company broke even in December and said in that month, transaction volume surged to $1.5 billion, a 700 percent increase in the previous 12 months. It offers a premium monthly subscription service and is looking to expand products to include savings and direct debits.
However, Revolut faces stiff competition from a number of fast-growing fintech companies including TransferWise and Monzo. TransferWise, also a U.K. start-up, reported its first profitable year in fiscal 2017. Its CFO Matt Briers told  in a recent interview that it will book another year of profit in fiscal 2018. The company also launched an account and debit card aiming to take on Revolut.

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