Revolut to focus on product development after $500m raise

Andrew Cummings
February 27, 2020

It now has over 10 million customers and has expanded its range of services to include more traditional banking and payment services.

Revolut will also focus on further developing its Premium and Metal subscription accounts, which have proven to be a successful revenue stream for the business, growing by 154 per cent a year ago.

In its recent funding round, Revolut, a British digital banking app, announced that it raised $500 million in total that boosted its valuation to $5.5 billion.

According to TechCrunch, the venture capital firm TCV is leading the round and other existing investors are also participating in it. Revolut hasn't shared the names of these firms, but DST Global, Index Ventures, and Balderton Capital have all invested in the firm. You can then receive, send and spend money from the application or using a debit card. The corporate doesn't share particular numbers in terms of transaction quantity and month-to-month lively prospects. The platform had launched the "auto-exchange" feature back in March 2019 which gave easier access to users to protect themselves from the volatile feature of cryptocurrency. In 2019, Revolut increased customer growth by 169%, the number of daily active customers by 380%, and saw financial revenues in 2018 grow by 354%.

Income from premium subscription plans (Revolut Premium and Revolut Metallic) have grown by 154% in 2019. It's all about making Revolut more useful and stickier going forward. Whereas Revolut offers a ton of companies within the U.Okay., prospects in different markets don't have the identical function set.

It's also due to open in the US later this year. The company will improve its two subscription tiers (Premium and Metal) and improve banking operations across Europe - you can expect full bank accounts in Europe in the future.

Revolut founder Nick Storonsky says: "Going forward, our focus is on rolling out banking operations in Europe, increasing the number of people who use Revolut as their daily account, and striving towards profitability".

There are now 2,000 people working for Revolut. "We're on a mission to construct a world monetary platform - a single app the place our prospects can handle all of their every day funds, and this funding demonstrates investor confidence in our enterprise mannequin".

Having already established itself in the United Kingdom and much of Europe, Revolut now plans to expand its services to Australia, Japan, the U.S. and beyond. Whereas the corporate has introduced plans to increase to a handful of nations, the principle focus is on launching within the US and Japan within the coming months.

Other reports by iNewsToday