Revolut Confirms $66M Raise, Adds Bitcoin Trading, Wealth Product; 3 Asia Fintechs Expand War Chests

Fast growing alternative banking app Revolut confirmed this week that it had raised $66 million in a Series B Round, and said it would be adding cryptocurrency trading and a new wealth product.

As Bank Innovation reported earlier this month, the London-based startup was on pace for a big fund raise. In a news release, Revolut says the round was lead by Europe’s Index Ventures, Balderton Capital, and Ribbit Capital. Revolut is also launching its second crowdfunding campaign later this month, and will seek to raise four million pounds.

Revolut, which is still a money-losing enterprise, has big goals:

We will be using the investment raised to take Revolut global, with the aim of establishing ourselves as the number one platform for consumers and businesses to manage their finances. We’ll be heading to Asia and North America first, whilst growing our community of 700,000 customers across Europe!

There was more fintech funding news from Asia:

CompareAsiaGroup group raises $50 million from World Bank, Alibaba, Goldman Sachs units. The Hong Kong-based company personal finance platform has raised a total of $94 million in four rounds. The World Bank’s International Finance Corp. (IFC) says it contributed $15 million in the current round for the fintech, which helps consumers in seven countries compare various financial products, like credit cards  and insurance. According to Reuters, CompareAsiaGroup plans further expansion in Southeast Asia.

Singapore’s TurnKey Lender raises $2 million from Temasek unit. Vertex Ventures led the round in the company, which specializes in loan management technology, reports Finovate.  The company is looking to boost its machine-learning  and data analysis to help small and medium-sized lenders. TurnKey is in 25 countries, including the U.S., its biggest market.

Jakarta-based Cashlez raises $2 million seed round. Mandiri Capital led the round for the Square-like startup, founded in 2016. Cashlez says it works with more than 1,000 merchants and is aiming to get 4,000 more on its wireless mobile card reader. TechinAsia reports that Cashlez has forged partnerships with banks and integrates with e-wallets.

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