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Revolut scores $66m Series B to expand across Asia and the US

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UK FinTech firm Revolut has closed a $66m Series B to boost its expansion across Asia and North America.

The London-based firm, which has so far raised $83m, drew support from lead investor Index Ventures and existing backers Balderton Capital and Ribbit Capital.

Revolut’s raise comes after reports suggested the firm was reportedly gearing up to close a £50m round, which would bring its valuation to £300m.

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The company, which launched business accounts in the UK and Europe last month, also made headlines after its accounts showed it had burnt through £7m worth of investment.

Nikolay Storonsky, Revolut’s founder and CEO, spoke about the raise: “Asia and North America are far from immune to hidden banking fees and dated technology. 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. 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.”

“We are also committed to improving our user experience by adding a wealth of new products in the coming months. From the integration of cryptocurrency to pay-as-you-go travel insurance at the tap of a button, we are demonstrating why we go ‘Beyond Banking’.”

The company, which recently suffered an outage alongside fellow FinTech firm Monzo and Curve, is expected to launch personal IBAN accounts for its customers in Europe.

Martin Mignot, partner at Index Ventures, commented on the round’s closure and highlighted why he had decided to invest: “Revolut is on a mission to create a world where moving money is easy, instant, free and transparent, regardless of country or currency.

“It is removing barriers between people and merchants, enabling them to transact seamlessly around the world. Very few founders have both the clarity of vision and the single-minded focus that Nik and his team have exhibited to date. They simply won’t stop until their mission is complete.”

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