Revix raises R58.5m in offshore capital funding
Cape Town-based cryptocurrency investment platform poised for rapid global growth
Leading cryptocurrency investment platform Revix, with offices in Cape Town and London, has raised R58.5m in offshore capital funding. Founded in 2018 on the principle that everyone should be able to invest their own money and become their own wealth manager, the business’s customer growth has mirrored the rise in the cryptocurrency market, which is valued at more than $2-trillion, making the digital asset class more valuable than Apple.
The capital will be used to launch Revix’s mobile application, a variety of fourth industrial revolution investment opportunities, and for expansion to the EU. Locally, the funding will help create more than 30 additional SA-based jobs, proof that regulating cryptocurrencies in SA can offer employment opportunities and long-term economic growth.
“We aim to blur the lines between investing in traditional asset classes, such as stocks, as well as the emerging alternative investment sectors, such as AI, biotech, 5G, eSports and cryptocurrencies, says Sean Sanders, Revix founder and CEO. “We want to empower everyday people to safely invest in emerging themes, technologies and asset classes in an effortless way.”
The fintech is the first investment platform in SA to offer a behavioural loyalty and rewards programme, where customers can earn points that can be redeemed for bitcoin. “We’re building a behavioural loyalty model that incentivises investors to undertake smart investment decisions, such as diversifying their investment portfolios, growing the investment community, improving their financial knowledge and making smart long-term investment decisions, while being rewarded for doing so,” says Sanders.
Revix joins two global accelerators and incubation hubs
Revix was also one of 21 start-ups, and the only SA fintech, to be accepted into the world-renowned six-month Berkeley Blockchain Xcelerator.
“The accelerator is renowned for partnering with businesses that target global societal challenges by using novel technologies. Revix has created a platform that has the potential to break down the barriers to access within this alternative investing space,” says Jocelyn Weber, director of X-Labs and Berkeley’s Blockchain Xcelerator.
The company was also one of 11 selected fintechs (of 500 applicants) for the second wave of the Qatar FinTech Hub’s Incubator and Accelerator programmes.
“We are at the early stages of a multi-decade supercycle of retail investing and are looking forward to progressing the intricate web of consumer tech, finance and regulation needed to bring real innovation to the private investment space alongside Revix,” says Ibrahim Al Mannai, executive director of advisory and incubation at Qatar Development Bank.
“We’ve managed to achieve monumental growth in our first three years, holding strong to our mission to help people reach their financial goals, while providing alternative investment options in a rapidly developing space,” says Sanders.
For more information, please visit www.revix.com.
This article was paid for by Revix.