Apr 26, 2018

Digital banking startup Revolut joins "unicorn" club

Revolut CEO Nikolay Storonsky. Photo by Eric Piermont/AFP/Getty Images

Revolut, a London-based digital banking startup, raised $250 million in new funding at a $1.7 billion post-money valuation.

Why it's a big deal: Revolut's growth is astounding, even within the context of London's burgeoning digital banking sector (e.g. TransferWise, Monzo, etc.).

It claims to have doubled its customer base to two million in the past five months and reports 250,000 daily active users — all just three years after initial product launch.

  • Investors: DST Global led, and was joined by Index Ventures and Ribbit Capital.
  • Bottom line: "Revolut offers most of the features you’d expect of a current account, including physical and virtual debit cards, direct debits and money transfer. Its 'attack vector' (to borrow Monzo’s Tom Blomfield’s phrase) was originally low exchange fees when spending in a foreign currency, which undoubtedly fueled much of the startup’s early growth." — Steve O'Hear, TechCrunch

Go deeper

Sanders addresses Russian interference in his campaign

Photo: Scott Olson/Getty Images.

Sen. Bernie Sanders sent a message to Russian President Vladimir Putin on the debate stage Tuesday, stating, "If I'm president of the United States, trust me, you're not going to interfere in any more American elections."

The big picture: It was unveiled last week that Russia has been interfering to boost Sanders' campaigns in an apparent attempt to strengthen President Trump's bid for reelection. Former New York Mayor Michael Bloomberg said that "Vladimir Putin thinks that Donald Trump should be president of the United States, and that's why Russia is helping [Sanders] get elected.

Debate night: Candidates' last face-off before Super Tuesday

Sanders, Biden, Klobuchar and Steyer in South Carolina on Feb. 25. Photo: Jim Watson/AFP via Getty Images

Sen. Bernie Sanders wants to keep his momentum after winning New Hampshire and Nevada, while former Vice President Joe Biden hopes to keep his own campaign alive. The other five candidates are just trying to hang on.

What's happening: Seven contenders for the Democratic presidential nomination are in Charleston, South Carolina, for the tenth debate, just days before the South Carolina primary and a week before Super Tuesday.

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