Revolut reveals new card w/ cash back in cryptos including Ripple, Bitcoin Cash on its app.
Revolut is one of the most dynamic and innovative fintech companies in the market today. The company just successfully raised $250 million in funding and is now valued at a staggering $1.7 billion. In addition, the company is now adding Ripple and Bitcoin Cash to its roster of crypto assets that customers can buy through its platform while a new card is in the works.
Revolut Becomes $1.7B Company
The London-based financial technology startup was able to raise $250 million in the recent “Series C” funding round. Convinced by the 33-month-old company’s growth potential, investors, led by Russian billionaire Yuri Milner’s DST Global, contributed to the successful fund-raising activity of the firm.
For the latest funding round, Revolut is already valued at a cool $1.7 billion. This makes the fintech a “unicorn” which is a tech industry parlance for private firms valued over a billion. The company’s current valuation also means that the company’s value grew by around five times in less than a year.
Revolut’s success story is one marked by rapid changes and dynamism. The company started as a no-fee foreign exchange card with an app. However, the firm quickly expanded to other high-growth areas and is now offering a host of services such cryptocurrency trading, property investment and travel insurance.
Its app is one of the most popular financial apps on the market today. It has around 2 million users globally, and a sizable 250,000 of them are active daily users. And it appears that the app is not slowing anytime soon as Revolut says there are around 8,000 new users every day and, regarding transaction value, the app handled around $1.8 billion worth of transactions per month.
Revolut’s has always distinguished itself from its peers by doing things differently. As CEO and founder Nikolay Storonsky puts it, “Our focus, since we launched, has been to do everything opposite to traditional banks.”
Revolut Adds Ripple, Bitcoin Cash
Revolut, considered one of the fastest growing fintech companies in the world, is beefing up its roster of cryptocurrencies. The company just added Ripple and Bitcoin Cash, the world’s number three and number four respectively in terms of market cap, into the lineup of coins that its customers can trade in via its app.
This, in turn, will expand the reach of these cryptos given the explosive growth of Revolut’s user base. Also, Revolut is about to expand globally as the company revealed plans to enter Australia, Canada, Hong Kong, New Zealand, Singapore and the United States.
New Card With 1% Cash Back In Cryptocurrencies
As a leading fintech company, it is somehow expected of Revolut to come up with exciting and innovative products unheard of in traditional banking institutions. Fortunately, Revolut does not disappoint in this area as the company is set to launch a new card that’s probably the first of its kind.
“In the next three months we’re going to launch Platinum cards — it’s a metallic card that allows you to get 1% cash back in cryptocurrencies and also provides you a concierge service,” Nikolay Storonsky announced.
Just like Revolut’s existing Premium card, the upcoming Platinum card will have a monthly fee revealed to be £6.99 a month. In fact, the Platinum will carry all the perks one would get from a Premium card. The only difference is that there is now a 1 percent cash in cryptocurrencies.
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