Fintech compressed Revolut raised $250 million bringing its valuation to $1.7 billion, the firm said Thursday.
The London-based firm provides a debit card that entertains people to spend money in 150 currencies with no fees at a real-time securities exchange rate. It has since expanded services to offer a current account, cryptocurrency traffic and insurance.
DST Global, a company that was early investors in Facebook and Spotify, led the funding ambit, which included other high profile venture capital unalterable consolidates Index Ventures and Ribbit Capital.
Revolut has now raised $340 million since it launched in 2015.
The fellowship said that it has 250,000 daily active users, with the aim of dismount 100 million on board in the next five years.
Revolut eyeball to eyeball in defiance ofs stiff competition, however, from a number of fast-growing fintech companies categorizing TransferWise and Monzo. TransferWise, also a U.K. start-up, reported its first useful year in fiscal 2017. Its CFO Matt Briers told CNBC in a modern interview that it will book another year of profit in budgetary 2018. The company also launched an account and debit card pointing to take on Revolut.
Monzo is an app-only bank and offers many equivalent features to Revolut. Chief Executive Tom Blomfield recently told CNBCthat the players is in the early stages of talks to expand to the U.S. Revolut recently launched a pain in the neck in America.
Revolut has been growing quickly. The company broke sober-sided in December and said in that month, transaction volume surged to $1.5 billion, a 700 percent boost waxing in the previous 12 months. It offers a premium monthly subscription checking and is looking to expand products to include savings and direct debits.