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Revolut changes from next week – raised $66 million for expansion

From next week, changes will come - on top of that, expansion is ahead for Revolut

  • Raising $66 million

While on one side Nikolay Storonsky explains the changes that will happen to the services that Fintech’s app Revolut does for the costumer for a better future towards the Blockchain industry, the app itself gathered $66 million in a venture capital investment. That sum will be used for a planned expansion that will happen throughout Asia and North America.

The Firm based in London, gathered the money in a Series B venture capital. With this money, as explained by Storonsky, the start-up plans to expand further across Asia and the Us.

Asia and North America are far from immune to hidden banking fees and dated technology,” Nikolay Storonsky, the company’s chief executive officer said. “The fintech revolution has been an astounding success across Europe, and now is the time to broaden our horizon and embark on our global mission.”

Revolut gives the ability to customers to open a current account in under a minute. It includes a pre-paid contactless MasterCard debit card, currency exchange with 16 different currencies and a peer-to-peer payments service.

“With over 700,000 customers across Europe in just two years, I’m confident that Revolut will attract similar demand across Asia and North America,” – Storonsky.

  • Revolut Plans

The Fintech-app Revolut, created back in 2015 by Storonsky and former Deutsche Bank AG technology developer Vlad Yatsenko, using fees on ATM withdrawals and taking a cut from merchant charges on payments in shops – makes its money.  Changes that will occur starting from next week – It plans to let customers hold, exchange, spend and transfer virtual currencies such as bitcoin, litecoin and ethereum for free, profiting from the price differences between buyers and sellers as opposed to charging commission.

“Adding cryptocurrencies and the ability to buy and sell them is a big step forward for a financial organization,” Storonsky, who used to trade equity derivatives, said in an interview. “Big banks are looking at us and seeing what we’re doing, for future things they want to add to their product pipeline, but they’re very slow.”

Revolut, which currently employs 140 people in London, Krakow and Moscow, plans to open offices in New York and Singapore and hire about 20 more staff, according to Storonsky.

For now, Revolut will be attached to London, but co-founder Vlad Yatsenko, told CNBC the company might have to open another office abroad.

“London we still see it as a financial hub in Europe. For us, as I mentioned we are still going to stay in London. We may open an office in internal Europe as well but for us it’s not going to make any difference,” Yatsenko



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Source cnbc

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