Two-year-old UK forex app Revolut said to be close to raising £50m
Two-year-old UK fintech firm Revolut is said to be close to securing funding of around £50m ($65m). The firm's app allows users to pay and transfer money in foreign currencies at competitive exchange rates with no additional fees, although it is testing certain usage-based fees and looking to increase its product offering. The round is expected to be led by original investor Index Ventures, with participation from Ribbit Capital.

One of the UK's fastest growing financial technology companies is finalising a new round of funding that will value it at £300m.

Sky News has learnt that Revolut, a payments app which undercuts traditional rivals, is in the final stages of talks about a deal that will see it raising more than £50m.

The round will be led by Index Ventures, the technology company investor which originally acquired an interest in Revolut almost a year ago.

Sources said other existing investors including Ribbit Capital were also expected to participate in the latest fundraising, which could be announced as soon as next week.

It will be the latest in a string of multimillion pound investments in British fintech start-ups, which some commentators have hailed as a sign that the industry is able to withstand the looming impact of Brexit.

The Government has outlined its determination to mitigate the potential exodus of money provided by the European Investment Fund to UK venture investors by expanding the remit of the British Business Bank.

Revolut allows users to pay and transfer money into foreign currencies with no additional fees and at competitive exchange rates.

It has already attracted hundreds of thousands of customers attracted by the relative cost of using Revolut's service compared to many high street banks.

The company was founded by Nikolay Storonsky‎, who launched it about two years ago, making the latest fundraising a huge sign of its ambition at such an early stage of its existence.

Advertisement

Spokesmen for Revolut and Index declined to comment.