Balderton backs Revolut in £1.5m round as London fintech surge continues

London startup Revolut became the capital’s latest firm to attract venture funding for its fintech (financial technology) platform today as it announced a £1.5 million funding round led by European investor Balderton Capital.

Revolut’s technology allows people to transfer money through a smartphone app without incurring the fees that banks and other financial services levy on consumers as they travel. Every year people in the UK fork out $1.67 billion (£1 billion) a year as they spend and send money abroad, according to Revolut.

The Revolut app, available on iOS and Android, works in tandem with a free prepaid MasterCard that can be ordered through the app after the user has set up their account.

The card can be used globally with no fees when the customer spends or withdraws cash from an ATM.

Nikolay Storonsky, founder and CEO of Revolut, said: “Revolut has an ambition to change the way money is transacted, sent and spent around the world. We are proud and delighted to introduce the world’s best-value digital currency exchange service. The app and card are intuitive to use, free for all and offer customers the peace of mind that, with Revolut, you can use your money across borders at unbeatable value.”

King’s Cross headquartered Balderton Capital raised over $305 million (£195 million) last year for its European investment fund and it’s using that money to get behind the likes of Nutmeg, Zopa, Crowdcube and Credit Benchmark and many other fintech firms.