Revolut’s Remittances Disruptor “Secures” Infamous Investors Backing
Some of investing’s most revered names have likely funnelled millions of dollars into UK disruptor remittance startup Revolut.
Revolut, a UK-based money transfer service competing with banks, has appeared to gain investment from figures including “King of Mining” Ian Hannam and infamous dealbreaker Matthew Greenburgh.
Following the likes of fellow UK market disruptor TransferWise, Revolut launched in 2015 offering mid-market rate payments via a card and dedicated app.
Now, Business Insider reports that investments worth £17 mln ($21 mln) have made their way to the startup, including £1 mln ($1.24 mln) from a crowdfunding campaign last year.
While no explicit confirmation of either Hannam’s or Greenburgh’s involvement was obtained, an inquiry by the publication produced a matching name on a Revolut document.
Hannam himself is famous for his success at JPMorgan Chase, while Greenburgh conversely was a major part of the Royal Bank of Scotland’s $67 bln purchase of ABN Amro Bank, which resulted in a subsequent bailout and reselling.
Investment in cryptocurrency-based alternative remittances, meanwhile, continues apace. While still of limited appeal in the UK, developing economies such as the Phillippines and certain African nations such as Kenya have become a hive of startup activity, looking to undercut existing options for workers sending money home and abroad.