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Revolut expands into business market

By dailymail / Published on Tuesday, 13 Jun 2017 10:00 AM / No Comments

The London-based start-up says it has raised a total of £17 million to date. The latest finance includes venture debt from U.S.-based Triplepoint Capital, according to a regulatory filing, which does not specify the exact amount of this financial input.

The company has previously raised £11 million in equity financing from two seed rounds and a Series A fundraising, according to Crunchbase, from backers including Seedcamp, Index Ventures, Balderton Capital, Venrex, Point Nine Capital and Ribbit Capital. A crowdfunding campaign on CrowdCube also contributed £1 million towards the Series A fundraising effort last year.

Revolut faces competition from fellow fintech start-ups such as Transferwise and WorldRemit, who offer low fees, and incumbent technology giants such as PayPal.

All these type of value-adding services rely on using the existing payment ‘rails’ provided by credit card companies and banks around the world. But they provide extra convenience, ease, data and service, plus a cheaper price than traditional transaction banks that have historically charged excessive cross-border transfer fees.

Nikolay Storonsky, founder and CEO of Revolut, said in a statement that he wants “to help businesses across the UK and Europe eliminate unfair banking fees” and that “launching a business service was the next logical step for us.”

“To have more than 12,000 businesses pre-registered, from FTSE 100 firms to tech startups, gives us great confidence that Revolut for Business will experience the same demand as our consumer service has.”