UK-based mobile banking platform Revolut is planning to raise at least $500 million next year.
According to a 12th November Reuters report, the cryptocurrency-friendly digital banking firm is already negotiating with investors with the aim of raising half-a-billion dollars in 2020.
The company says it wants to raise the funds to hire more than 3,000 additional staff and expand its partnership with Visa and Mastercard, as part of an ambitious global expansion plan that will see it expand its services to 24 new markets, including North America and Japan (read more).
Revolut CEO, Nikolay Storonsky, confirmed the company aims to raise at least $500 million in direct equity, and even went as far as saying it might aim to raise up to $1 billion in convertible (debt) at a later date.
Storonsky appears confident the company will be able to raise the $500m over the coming months, saying that it is already in discussions with late-stage growth funds and private equity investors, including some who could possibly invest up to $100 million each.
Since launching in 2015, Revolut has grown rapidly, now claiming more than 8 million customers, and since late 2017 the app has allowed users to transact in several major cryptocurrencies, including Bitcoin (BTC), Litecoin (LTC) and Ether (ETH).
AYO.NEWS says:
Revolut is already taking serious market share away from traditional retail and business banking providers in core markets like the UK, but this expansion could catapult it to an entirely new level.
Will traditional banks sit up and pay attention at last, and make their services more convenient and useful? Could we see traditional banks start to integrate cryptocurrencies for example? For some reason we doubt it!
AYO.NEWS says features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited.
