Crypto-friendly banking company Revolut to raise 500 million US dollars

The British crypto-friendly banking company Revolut is negotiating with investors and intends to raise at least half a billion dollars next year, Reuters reported on 12 November. Since the end of 2017, Revolut’s app has offered its users to complete transactions in crypto currencies. These include Bitcoin (BTC), Litecoin (LTC) and Ether (ETH).

According to Reuters, Revolut plans to raise the money next year to expand and hire new staff. The company also plans to expand its partnership with payment companies Visa and Mastercard. The co-founder and CEO of Nikolay Storonsky said:

 “We want to raise at least $500 million in direct equity and possibly up to $1 billion in convertible bonds (debt) at a later date”.

 

Storonsky said that Revolut is engaged in soft marketing among investors. He expects all the money to be raised in the coming months. He said the company also talks to late stage funds and private equity investors. Some of these are expected to contribute $50 to $100 million.

 

Aggressive expansion plans

The company initially announced plans to expand to Australia, Brazil, Canada, Japan, New Zealand, Russia, Singapore and the United States on September 30. According to the report, Revolut was founded in 2015 and currently has over 8 million customers. Storonsky also stated that the company intends to grow from currently 1,800 employees to 5,000 by the end of 2020. The company is looking for technology experts, data scientists, support staff, compliance experts and executives. Storonsky said, “At the moment, I would say 60 percent of my time is just spent selecting personnel.”