Revolut becomes Britain’s first digital bank unicorn

Fintech firm Revolut said on Thursday its valuation had jumped by five times in a year to $1.7 billion at its most recent funding round, making it the first of Britain’s digital-only banks to reach unicorn status.

Revolut, which is in the process of securing a banking license and currently offers its nearly two million users a pre-paid card, app and cheap foreign exchange, said it had raised $250 million in its third funding round, well above the $66 million it raised last July.

The round was led by Hong Kong-based venture capital firm DST Global, alongside other new and existing investors including Index Ventures and Ribbit Capital.

Revolut, one of a number of app-only banks that have sprung up in Europe in recent years, said it will spend the funds on worldwide expansion starting in the United States, Canada, Hong Kong and Australia in 2018 and on more than doubling its current headcount from 350 to 800 by the end of the year.

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