British neo-bank Revolut is planning to raise at least $500m next year to support its global expansion.
In an interview with Reuters, Revolut CEO and co-founder Nikolay Storonsky confirmed the plan.
Currently, the app-only bank is in discussions with investors and aims to finalise the fundraising in the following months.
“We want to raise at least $500m in direct equity and potentially, maybe at a later stage, up to $1bn in convertible (debt),” Storonsky told the news agency.
Once complete, the proceeds will be used to accelerate global hiring as Revolut seeks to enter new international markets.
It aims to increase its team from 1,800 currently to 5,000 by late next year. Plans are on to hire senior executives, developers, data scientists and compliance experts, among others.
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Launched in July 2015, Revolut now serves more than eight million customers.
In 2018, Revolut’s revenue jumped to £58m, from £13m a year earlier. However, its losses widened to nearly £33m due to developmental investments.
Last month, Revolut went live in Singapore following a successful beta phase. Its offerings include a basic free account, as well as Premium account and Metal account for Singaporean customers.
The East Asian island nation is the second Asian market after Australia, where Revolut launched its services.
This year, Revolut for Business also rolled out two free accounts with zero subscription fees.