Revoluts $5.3 million crowdfunding campaign is oversubscribed

Fintech startup Revolut just raised a ton of money. But grabbing $66 million from respected VC firms wasnt enough (50 million). For the second time, Revolut asked its user base to invest in the startup.

Revolut was looking for $5.3 million on Seedrs (4 million), but 40,000 customers said that they were interested in the investment opportunity. If Revolut took all the money, it would represent $22.3 million (17 million). But the company will limit its equity crowdfunding campaign to its initial goal.

The $5.3 million target was reached in less than 24 hours, which is quite impressive as equity crowdfunding inst as popular as other investment products. Revolut even says that there has never been an equity crowdfunding campaign with so many pre-registered investors.

Revolut expects to attract 4,000 to 10,000 investors as people can invest $1,300 at most (1,000). At first, the first 5,000 Revolut users who signed up to Revolut Premium will get invited to the Seedrs page and will be able to invest twice as much as regular investors.

Then, Revolut will gradually invite random users who pre-registered on the Seedrs page. Oh, and tennis player Andy Murray also said that he wants to invest, so Revolut is going to invite him to the round straight away. Murray has a strategy partnership with Seedrs, so that might explain a few things.

For context, there are now 750,000 Revolut users. Revolut is a digital wallet that lets you receive, exchange and send money in dozens of currencies. When you sign up, you can create virtual cards and receive a good old plastic MasterCard. You can top up your account using another card or a bank transfer.

Over time, Revolut has been adding new features, such as personal IBANs, a credit feature, business accounts and travel insurance. With this funding round, Revolut plans to add support for cryptocurrencies, stocks and bonds. The company is also going to expand to North America and Asia.

Read more: https://techcrunch.com/2017/07/30/revoluts-53-million-crowdfunding-campaign-is-oversubscribed/

Revolut launches personal Euro accounts with your own IBAN

Fintech startup Revolut just raised $66 million and is already launching new features. Starting today, you can generate your own IBAN for Euro transactions. This way, you can receive your salary directly on your Revolut account for instance.

While you could already top up your Revolut account with a regular bank transfer, Revolut only had one bank account to receive all your Euro transfers. It would then credit your Revolut account thanks to the transaction reference and the senders name. But Revolut still remains a digital wallet at heart.

Now, everybody can get their own IBAN and hand it out to their employer, cash out money on PayPal, Lydia or any peer-to-peer payment app and more. And if youre trying to transfer money from your existing bank account to your Revolut account, its less confusing and more reassuring.

Setting up an IBAN only takes a few seconds. You have to tap on the top up button, then on bank transfer. If you select your Euro balance, you can get your new IBAN. If you havent confirmed your identity yet, Revolut will ask you to scan your passport or drivers license.

Those IBANs are based in Lithuania. While theres a European rule that says that employers and financial services cant discriminate based on the bank account origin as long as its part of the Eurozone, some services dont let you add foreign IBANs. So if you dont live in Lithuania, you may encounter a few issues.

Revolut already launched a similar feature for your GBP balance back in February. The startup doesnt currently support direct debits, but its planned.

This feature is going to be quite useful if youre a British student moving abroad for an internship, or if youre a freelancer with clients working in multiple currencies.

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Read more: https://techcrunch.com/2017/07/17/revolut-launches-personal-euro-accounts-with-your-own-iban/