Revolut Targets $500 Million Raise Next Year For Expansion

Revolut, a British financial technology company that offers banking services and also gives customers access to cryptocurrencies like Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Ripple, has announced its plans to raise at least $500 million next year.

According to a report by Reuters on Nov 12, the company seeks to raise this fund in order to finance its expansion project in foreign markets and also to increase the number of its employees. 

Nikolay Storonsky, the CEO and co-founder of Revolut reportedly said,

We want to raise at least  $500 million in direct equity and potentially, maybe at a later stage, up to  $1 billion in convertible (debt).

He further explained that in order to raise the funds, the company has engaged in soft marketing with its investors and is hopeful that by next year, it would have gotten the entire amount. 

The report further revealed that Revolut, which was launched in 2015, presently has more than 8 million customers. The company seeks to expand to foreign markets including the United States, Japan, Singapore, Brazil, and other countries. It also intends to expand its partnership with Mastercard and Visa.

Regarding the company’s intentions to increase the number of its employees, Storonsky revealed that by late next year, they plan to increase their staff from the current 1,800 to 5,000 people. 

Open positions notably include technology developers, data scientists, support staff, compliance experts and also senior executives for management.

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