Challenger bank Revolut To Enter Travel Insurance
London-based ‘challenger bank’ Revolut announced it has raised $66M in a Series B round bringing its total funding to date to $83M since it was founded in 2015. The mobile-first banking alternative, which serves some 700K customers, offers users the ability to easily move money without any associated fees. Also, the company recently entered the space of business banking in Europe, allowing companies to hold, exchange and transfer in 25 currencies with the interbank exchange rate, and issue employees with corporate cards for global fee-free spending.
Wait there’s more. The company said it also intends to raise a further $5 million through a crowdfunding campaign through Seedrs later this month, expand to Asia and North America and allow users to purchase travel insurance. In two words: a recurring theme. Remember when mobile bank N26 partnered with Clark to offer insurance? Or when SoFi, which has applied for a bank charter last month, began selling life insurance through Protective Life?