Cryptocurrency investment platform, Revix, with offices in Cape Town and London, has raised R58.5 million equivalent to 4 million USD in off-shore capital funding and The company was also one of 11 selected FinTechs (out of 500 applicants) for Wave 2 of the Qatar FinTech Hub’s (QFTH) Incubator and Accelerator Programmes. Qatar Development Bank is the main sponsor of Qatar Fintech Hub. Qatar Development Bank has been a strong advocate of Blockchain and fintech development in the region. The CEO of Qatar Development Bank had stated recently that Blockchain is at the heart of digital transformation. In addition Qatar Fintech Hub has supported numerous fintech startups including Blockchain enabled Cwallet.
Ibrahim Al Mannai, Executive Director of advisory and incubation at Qatar Development Bank, state, “We are at the early stages of a multi-decade super-cycle 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.’ .
Founded in 2018 on the principle that everyone should be able to invest their own money and become their own wealth manager, the business’ customer growth has mirrored the exponential rise in the cryptocurrency market which is valued at over $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 (4IR) investment opportunities, and for expansion to the European Union. Locally, the funding will allow for the creation of more than 30 additional South Africa-based jobs, proof that regulating cryptocurrencies in South Africa 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, said Sean Sanders, CEO and Founder of Revix. “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 South Africa 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,” Sanders explains.
In addition to the funding secured, Revix was also one of 21 start-ups, and the only South African 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.
“We’ve managed to achieve monumental growth in our first three years holding strong to our mission of helping millions of people reach their financial goals, which provides alternative investment options in a rapidly developing space,” concludes Sanders.