Revolut Cryptocurrency Bank Plans to Raise Over $ 500 Million

UK-registered cryptocurrency bank Revolut is in talks with investors to raise $ 500 million next year.

Revolut co-founder and CEO Nikolay Pokersky said that the company is working with investors in the framework of soft marketing and expects that the necessary amount of funds will be collected within a few months. Revolut discusses this issue with equity funds and direct investors. Some of them are already ready to allocate from $ 50 to $ 100 million.

“For starters, we want to raise at least $ 500 million as direct share capital. In the future, we expect to attract about $ 1 billion in the form of convertible bonds, ”commented Nikolai Pokersky.

Revolut said it plans to raise funds to expand its activities, develop partnerships with Visa and Mastercard payment companies, as well as to hire new staff. Now the company employs about 1800 employees who serve more than 8 million customers. Revolut plans to increase the number of employees to 5,000 people by the end of 2020.

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In 2017, technology startup Revolut launched transaction services with bitcoin, lightcoin and ether. Later, the company spoke about its plans to open branches in Australia, Brazil, Canada, New Zealand, Russia, Singapore, the USA and Japan.

Recall that a year ago Revolut received approval of a banking license from the European Central Bank, but in March the startup was accused of violating the basic rules of banking.