The neo-british bank has, for example, to match the D-Series from its German competitor N26, which had continued to raise funds during the outbreak of coronavirus.
© Revolut
After the trading platform Robinhood at the beginning of the month, the investor californian TSG Consumer Partner, has decided to join the neo-bank london Revolut for the continuation of its development. 80 million dollars have been added to the open cycle in February last, at which the company’s Menlo Park, TCV led a round of $ 500 million.
This is the first fundraising campaign of Revolut since the health crisis related to the epidemic of coronavirus is deployed throughout the world. On may 7, it was its direct competitor, N26 which had proceeded to a fund-raiser, to the tune of 100 million dollars, there, too, in the form of an extension to its Series D, for a total of $ 570 million.
Development in the United States
A month after N26, the other neo-british bank Monzo had also managed to attract investors despite a crisis situation very delicate for the players in fintech and, in particular, in the banking world, who have had to conduct campaigns of layoffs.
In a press release, Revolut re-iterated that its funds would continue to support the development of its services in Europe, but also to continue its deployment in the United States. On-site, the neo-bank recently open its service for the sale and purchase of Bitcoin and Ethereum.
Strong of its 12 million customers, the neo-bank-like to u.s. investors, although the players from the country seem to have more advantage of the crisis to the Europeans. To be successful does not depend solely on the use of the cards of its customers, Revolut update on the deployment of services and additional features.
Objective profitability before the end of the year
Since the month of June, for example, French customers have seen their application is update with a new platform called “Rewards” that offer cashback and discounts at certain brands. This strategy may be the one for the model of the neo-bank as it is today can one day find the profitability.
According to the Financial Times, during the health crisis, the use of the cards Revolut fell by 45 %, which would have led to a decline in ” double-digit ” revenue of the company, as would have said his boss M. Storonsky. The goal, if he holds on forever, will now exceed the economic balance before the end of the year. The neo-bank will have to redouble efforts and tighten the belt. A challenge of size, may be too premature, but that reminds Revolut its status as a startup, and is forced to continue its development, according to the harsh law of the market.
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