Foreground, from left: Revolut co-founders Vlad Yatsenko and Nikolay Storonsky. Image: Revolut
The news about the banking alternative’s Dublin space comes just months after a successful Series B funding round.
Revolut is intent on causing a banking revolution, and now Dublin will be a part of it. The company raised $66m in a Series B round in July 2017, led by Index Ventures and existing investors in Revolut, Balderton Capital and Ribbit Capital. Rumblings of a Dublin office have been apparent since July of this year.
A fintech revolution
The company was founded by Nikolay Storonsky and Vlad Yatsenko in 2015. It’s an app-based banking alternative with a multi-currency card and mobile app. An account can be created in seconds, enabling users to instantly send free money transfers in 26 currencies to banks around the globe; spend fee-free in 120 currencies with a contactless Revolut card; and exchange currencies at interbank rates in the app. It also offers peer-to-peer payments.
There are approximately 40,000 customers in Ireland using Revolut, and the company eventually wants to set up IBAN accounts across Europe to enable cryptocurrency transactions among its users.
The company has not been without its troubles. In September of this year, its transaction database malfunctioned and, unfortunately, this was followed by the malfunctioning of its back-up server.
CEO Storonsky made a full apology for the error and assured users that Revolut’s technical efforts would be amped up to avoid the re-occurrence of such an issue: “Regrettably, we have learnt a great deal from this experience and we are actively working on implementing a number of processes to ensure that our back-up servers will be able to handle increased volumes moving forward. I am committed to improving our technical infrastructure and expanding our team — we are determined to get this right.”
Revolut on track to hit 1m customers by end of 2017
Currently Revolut is hoping to hit 1m customers by the end of 2017, and with many people curious about avoiding transaction fees and exchanging foreign currencies at better rates, it could well hit that target before the year is out. Currently it is at 855,000 customers and growing fast.
Revolut is riding high on the crest of the recent fintech wave, and while no details have been announced about the roles up for grabs at the new Dublin location, it’s clear that the fledgling industry is continuing to grow.
A premium Revolut subscription costs £6.99 per month, while the standard subscription is free and users are still entitled to interbank foreign exchange rates, free bank transfers in 26 currencies, and €200 free ATM withdrawals (or equivalent).
