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London Firm Adds Crypto-Trading, Valuation Skyrockets to $1.7 Bln

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Tue, 05/01/2018 - 03:56
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Urvashi Verma
London-based Revolut adds crypto-trading and reaches $1.7 bln valuation with more than two mln users in less than five months
London Firm Adds Crypto-Trading, Valuation Skyrockets to $1.7 Bln
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London-based fintech startup, Revolut, has reached $1.7 bln valuation beating rival TransferWise, after integrating cryptocurrency trading to its platform.

The driving the surge in the company’s valuation has been due to a 70 percent boom in its user base since the company integrated crypto trading to its platform, experts say.

The company has more than doubled its customer-base in the past five months to nearly two mln customers and is signing up between 6,000 and 8,000 customers a day.

The Revolut recently released a debit card service that allows users to spend their digital currency holdings at any Visa-accepting merchant.  

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Except for Coinbase, Revolut is now one of the only fintech companies in Europe that enable users to spend, store, send and receive payments from both– cryptocurrency accounts and bank accounts.

Integrating cryptocurrency trading service along with its money transfer services seems to have been a sharp competitive edge which enabled Revolut to uproot TransferWise a leading European platform from its number one position in this domain, experts say.

The company received $340 mln in Series C funding last week, which was led by Hong Kong-based DST Global alongside a portfolio of new and existing investors including other Silicon Valley investors, Index Ventures and Ribbit Capital.

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About the author

Urvashi Verma is a Chicago-based reporter who writes about the convergence of technology and business. She is interested in fintech, digital currencies, blockchain and currency markets. Urvashi formerly worked with the Times of Israel covering Israel's booming tech industry including Start-Up Nation, venture capital investment, and crowd-funding platforms.