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Digital-Banking Startup Revolut Is Worth $1.7 Billion With New Funding

  • Digital banking startup raises $250 million from investors
  • Plans global expansion; targets 100 million customers by 2023

In one of the biggest fundraising rounds for a European fintech this year, Revolut Ltd., a U.K. startup that provides digital banking, received $250 million.

The Series C funding, led by Hong Kong-based DST Global and joined by longtime backers such as Index Ventures and Ribbit Capital, values the three-year-old company at $1.7 billion, Revolut said in a statement Thursday.

Revolut is one of a crop of financial technology firms challenging traditional banks with digital-account services that enable customers to make and accept payments, and buy and exchange cryptocurrencies such as Bitcoin.

The company said it plans to use its new capital to expand in North America, Singapore, Hong Kong and Australia this year. The startup, which is applying for a European banking license, aims to increase its customer base from two million to 100 million by 2023.

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