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July 31, 2017

Andy Murray serves up investment in Revolut crowdfunding

The Revolut Series B funding round was oversubscribed, and investments far exceeded expectations.

By Tom Ball

Andy Murray will invest in digital banking startup, Revolut, having been involved in a partnership with the equity crowdfunding platform, Seedrs.

Revolut is excelling in its crowdfunding pursuits, far exceeding targets in the oversubscribed round, gaining a further £17 million. The startup only required £4 million to reach its £50 million Series B goal.

Tennis star Andy Murray has used the services of Seedrs to engage in investments for a number of years, and he joined the Seedrs Advisory Board in 2015, a platform to provide non-binding strategic advice.

Revolut is working to integrate innovative new strategies including the use of cryptocurrency, this service could potentially allow for the use and also the ability to exchange Bitcoin, for example. The company has also recently unveiled and launched Internation Bank Account Number (IBAN) accounts throughout Europe.

At its core the company has tasked itself with providing fee-free spending on a global basis, in addition to free international money transfer within 16 different currencies. These capabilities are grounded upon the interbank exchange rate.

Nikolay Storonsky, CEO, Revolut, says: “We are incredibly excited to open our Series B round to as many members of our 750,000 strong community as possible through our crowdfund on Seedrs. Word of mouth by our loyal customer base is the reason that Revolut has achieved so much in just two years.

READ MORE: Cryptocurrency hacker steals $32 million in Ethereum

Digital banking startups have gained record crowdfunding, as investors recognise an agility that the major, established banks are failing to provide for customers. In light of this, banking giants and more agile startups are now being prompted to work together by regulatory bodies in the UK.

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“As a token of our appreciation we are offering them the chance to play a longer term role in the fintech revolution by owning equity in a fast scaling fintech as we embark on our global mission,” said Storonsky.

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