More than 800,000 people have used Revolut’s mobile banking app to spend, exchange and send money since it was launched by chief executive Nikolay Storonsky, 33, and chief technology officer Vlad Yatsenko in 2015. To date Revolut has facilitated almost 30m transactions, worth more than $4.2bn, and revenue from commissions, user fees and premium add-ons grew to £2.4m in 2016. New products launches this year have included an app for business customers with multi-currency accounts and travel insurance. In July, Index Ventures led a £50m investment round; this was followed by a crowdfunding, which secured 40,000 pledges worth £40m, ten times the £4m target. It is forecasting revenues of £12m this year.
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