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Digital banking alternative Revolut has today launched a £4m equity crowdfunding campaign to more than 40,000 pre-registered investors on Seedrs. Revolut’s 750,000 strong customer base scrambled to register interest in the crowdfund during a short window of opportunity last week, that caused a global fear of missing out.
The crowdfund will complete the £50m Series B round announced earlier this month, led by Index Ventures with Balderton Capital and Ribbit Capital also investing, which will support Revolut’s aggressive expansion across Asia and North America.
In 2016, the company’s inaugural £1m crowdfunding campaign was over-subscribed, with more than £17m pledged by over 10,000 would-be investors. Just one year later, Revolut has again opened its round to loyal customers who will have an opportunity to own a stake in the hyper-growth startup via Seedrs. Revolut has already smashed its previous record as more than 40,000 customers clamoured to sign up for the crowdfund, committing to invest more than £17 million into the future British unicorn including tennis champion Andy Murray who is a frequent investor on Seedrs.
The campaign, hosted on Seedrs, will open in stages across the week to pre-registered customers on the same terms as Revolut’s VC investors until the capped funding target of £4m is reached. Revolut’s Premium account holders will have first access to the campaign with individual investments capped at £2,000 before its wider customer base will be able to invest, capped at individual investments of £1,000, so that as many retail investors as possible can own a stake in the ambitious fintech and play a part in its future success.
The Global banking alternative has committed to using the funds raised from the crowd to expand its services across Asia and North America, as well as scaling its existing European operations, rolling out a wealth of new services with unrivalled speed; a trait synonymous with Revolut which has given it an impressive lead on would-be competitors.
In just two years, Revolut has become the only true banking alternative for consumers with a global lifestyle, making it simple for customers to open an account in 60 seconds, make free international money transfers with 16 currencies in-app with the interbank exchange rate and spend fee-free globally with a contactless MasterCard.
Last week, Revolut launched personal IBAN accounts across Europe allowing customers to have their salary paid directly into their Revolut account. With innovation at its core, the company also plans to integrate cryptocurrencies within the app, allowing customers to hold, spend, exchange and transfer internally in Bitcoin, with Litecoin and Ethereum soon to follow.
For business customers Revolut recently launched business accounts across Europe, allowing companies to hold, exchange and transfer in 25 currencies with the interbank exchange rate, issuing employees corporate cards for global fee-free spending.
Revolut Founder & CEO Nikolay Storonsky said: “We are incredibly excited to open our Series B round to as many members of our 750,000 strong community as possible through our crowdfund on Seedrs. Word of mouth by our loyal customer base is the reason that Revolut has achieved so much in just two years. As a token of our appreciation we are offering them the chance to play a longer term role in the fintech revolution by owning equity in a fast scaling fintech as we embark on our global mission.
“We have 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’. “
Jeff Lynn, CEO and Co Founder of Seedrs said: “We are delighted that Revolut has chosen Seedrs to play a part in their exciting growth journey. As a frequent traveller and big fan of Revolut’s service, I have watched their progression with interest and admiration. It is great news that they secured an impressive Series B round from some highly respected international VCs, and it is better still that the crowd on Seedrs will have an opportunity to get involved with the round.”