A fintech start-up in Canary Wharf has broken the UK crowdfunding record after it raised £12.9million in two days.
Revolut at One Canada Square reached the figure after it launched its Crowdcube campaign, which allows users of its foreign exchange service to invest on the same terms as major European venture capital firms.
If the Level39 -based company was to cash in on all the pledges from the 6,627 investors, it would rank in the top 10 highest funded campaigns ever.
Founder and CEO Nik Storonsky had originally planned the project as a way to give back to the 200,000 people who joined the platform before they started marketing.
“It’s great to know that our users believe as strongly in our product as we do,” said Nik.
“That’s why we launched this campaign, to thank our users for their dedication and to give people the same opportunity to invest as professional VCs get.”
The combined app and Mastercard allows people to pay and transfer foreign currencies at the best rate with no hidden fees.
It operates on the idea that traditional banking and financial institutions no longer meet consumer needs.
Nik said: “We designed Revolut as a digital challenger to traditional banks and their obscure transaction fees and exchange rate policies.
"So really, this is proof that we are in sync with our customers.”
Revolut accounts can currently be topped up in pounds, Euros or US dollars via debit card or bank transfer.
Users can spend in over 100 currencies on the card and send money in 23 currencies directly via the app without paying extra fees.
Revolut earns revenues through splitting a percentage of the Mastercard fee charged to merchants for each card transaction.
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