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Revolut becomes a “unicorn” and enters the Russian market

The venture capital fund DST Global, a billionaire of Russian origin, Yuri Milner, together with a group of investors, invested $ 250 million in a British fixture startup Revolut, founded by immigrants from Russia, a representative of Revolut said and confirmed the representative of the fund. The entire start-up during the round was estimated at $ 1.7 billion – that is, it became a “unicorn” (the so-called companies valued at more than $ 1 billion) in less than three years of existence.

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The parties do not disclose the share and the amount of DST Global’s investment.

The main products of Revolut are an application and a plastic card that allow international transfers in different currencies at a stock exchange rate without commissions of payment systems. The startup also launched insurance, a platform for lending, trade in crypto-currencies, bitcoin, Ethereum, Litecoin, and serves legal entities.

Revolut does not earn on sale of currency and commissions, explains its representative, but receives about 1% from each transaction from traders – accepting payment of parties (stores, cafes, etc.), takes a subscription fee for using premium accounts, insurance and credit .

The company attracts investments to enter new markets – in Russia, India, the US, Australia, Singapore and Hong Kong, and this year, it says in its message. First, only basic services Revolut will appear in Russia – with monetization of 1% per transaction from traders, this will happen in the fourth quarter of 2018, the representative of Revolut promises.

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In Russia, Revolut is interested in travel transactions, Danil Gusev, managing partner of European Gauss Ventures, who previously worked on the Revolut deal in Digital Space Ventures: the company even wanted to go to Russia for the 2018 FIFA World Cup, here the number of transactions.

The post Revolut becomes a “unicorn” and enters the Russian market appeared first on Target Veb.



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