Revolut wants to raise $500 million to expand into Japan, US

SINGAPORE (Reuters) – British-based digital banking app Revolut is in talks with investors to raise at least $500 million next year to fund a global hiring spree as it expands in markets including the United States and Japan. Revolut has grown at breakneck pace since its launch in 2015 and now boasts more than 8 million customers. Revolut is hiring technology developers, data scientists, support staff, compliance experts and also senior executives for management positions. Storonsky said Revolut is in discussions with late stage growth funds and private equity investors, including those global investors who can write cheques for at least $50-$100 million. Revolut’s 2018 net loss doubled to almost 33 million pounds as it invested in its development, but revenue rose to 58 million pounds from 13 million a year earlier.

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