UK-based payment provider Revolut has raised $66 mln in Series B funding to fund expansion into cryptocurrency exchange.
Revolut, founded two years ago by ex-Credit Suisse trader Nikolay Storonsky, aims to compete with bank-issued credit and debit cards by offering multiple currencies and fee-free international transfers.
“As early as next week,” Bloomberg reports, the startup aims to launch a feature allowing its users to “hold, exchange, spend and transfer virtual currencies such as Bitcoin, Litecoin and Ethereum for free.”
“Adding cryptocurrencies and the ability to buy and sell them is a big step forward for a financial organization,” the publication quotes Storonsky Wednesday.
“Big banks are looking at us and seeing what we’re doing, for future things they want to add to their product pipeline, but they’re very slow.”
The investment round meanwhile is the latest high-profile cash injection for Revolut, the company in March securing £17 mln ($21.8 mln) from sources allegedly including ‘King of Mining’ Ian Hannam and infamous dealbreaker Matthew Greenburgh.
The future will also see expansion to New York and Singapore, Storonsky says.
“I don’t see any problems with Brexit,” he added to Reuters. “London is much more international than anywhere else in Europe, (and) in terms of regulation, it’s a great place to be.”