After raising an unimaginable £20million from its record-breaking crowdfunding push, Revolut in Canary Wharf is looking to expand its operations outside of Europe.

The company behind the global money app hit the headlines after the launch of its investment scheme for customers saw £12.9million raised in two days.

And now founder Nikolay Storonsky has said he hoped to use the money to push its mobile app and Mastercard across the world.

Nik said: “The amount is around £20million now and I thought it was pretty cool to see it when in two days we got more than £10million.

“We are now looking at servicing more countries outside of Europe.”

Revolut is a combined mobile app and Mastercard that aims to cut out hidden banking costs and provide a more user-friendly service for people to manage their money.

It allows users to exchange currencies at the best interbank rates, send money through social networks and spend with a multi-currency card wherever Mastercard is accepted.

Customers can load money in pounds, euros and dollars and spend money in more than 90 currencies.

Revolut earns revenues through splitting a percentage of the Mastercard fee charged to merchants for each card transaction.

A former trader at Credit Suisse, Nik came up with the idea behind Revolut in 2013.

The 31-year-old said: “I was looking at ways to avoid banking and to create a more simple tool to manage people’s money.

The contactless Mastercard and app

“I researched the market and saw that there was no solution available. So I decided to create Revolut.

“The main idea behind this is to cut out hidden fees and supply a user-friendly service. It makes things so much easier for everyone.”

The company started initial development in 2014 before it was launched in 2015.

Read more Canary Wharf fintech company breaks UK crowdfunding record with £12.9million

Fast forward a year and the company employs 60 people, with offices in the high growth space in Level39 at One Canada Square as well as branches in Holland and Russia.

It has more than 200,000 users, who have transferred more than £388.5million, and 1,500 are signing up on average every day.

A recent investment round raised £6.75million for Revolut from venture capital firms including Balderton Capital and Index Ventures, which valued the company at £42million.

And this was before the record-breaking crowdfunding campaign, that was initially aiming to raise £1million, with customers able to buy-in at the same rate as venture capital firms.

Nik said: “We launched this campaign, to thank our users for their dedication and to give people the same opportunity to invest as professional VCs get.”

“It’s great to know that our users believe as strongly in our product as we do.”

As well as expanding its business outside of Europe, Revolut is looking at provision for business accounts and increasing the amount of currencies in which users can load their money.

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