The startup will also run another USD 5 million crowdfunding campaign in a few weeks. The company has raised USD 83 million in total.
Revolut started as a mobile app that lets you send and receive money in multiple currencies. Over time, the company has added other financial services, turning it into a credible alternative to a regular bank account.
When users sign up, they can create virtual cards and receive a plastic MasterCard. More than that, users can top up their account using another card or a bank transfer. Money can be exchanged in 16 different currencies in order to send it or spend it without any fee up to GBP 5,000/ EUR 5,000 per month. 700,000 people have signed up so far.
Recently, Revolut introduced a credit feature for the UK users and business accounts.
Additionally, the startup plans to add cryptocurrencies, stocks and bonds soon. Customers will also be able to purchase travel insurance from the app. With the new funding round, the company also plans to expand to new countries in Asia and North America.
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