Cryptocurrency investment platform Revix has raised R58.5 million in off-shore capital funding, which the company says demonstrated the appeal of cryptocurrency in South Africa.
Revix will use the latest investment to launch its own mobile app, a variety of Fourth Industrial Revolution (4IR) investment opportunities, and for expansion to the European Union.
According to Revix chief growth officer Michel Ollivier roughly 50% of the funding will go directly into marketing and growing its investor base, 30% will go into hiring new personnel, and 20% will be set aside for regulatory and security enhancements.
As a result, the funding will create 30 new jobs in South Africa, which Revix said was proof that regulating cryptocurrencies could create employment and provide long-term economic growth.
With technology, finance and innovation coming together, South African cryptocurrency investment platforms will likely continue to grow at a faster speed than many other sectors.
Olivier is optimistic that Revix’s expansion will only continue.
He predicts that there will be more capital raises in the crypto and consolidation sectors as larger banks take advantage of the latest innovation and acquire small, prospering crypto firms.
Revix was founded in 2018 and currently boasts offices in London and Cape Town.
It is the first investment platform in South Africa to offer loyalty rewards, allowing customers to earn points and exchange them for Bitcoin.
The company’s aim is to build a behavioural loyalty model that encourages investors to make smart investment decisions, by building a long-term investment while being rewarded for doing so.
“We want to empower everyday people to safely invest in emerging themes, technologies and asset classes in an effortless way,” said Revix CEO and founder Sean Sanders.
“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,” Sanders stated.
Revix was one of 21 startups and the first South African fintech to be admitted into the world-renowned six-month Berkley Blockchain Xcelerator.
According to director of X-Labs and Berkley’s Blockchain Xcelerator, Jocelyn Weber, Revix has developed a platform that has the potential to target global societal challenges by using novel technologies.
Furthermore, the company was one of 11 selected fintechs to be part of the the Qatar FinTech Hub’s (QFTH) Incubator and Accelerator Programmes.
As part of this, Revix participated in two 12-week programmes, not only to transform their prototype into a sellable product, but also to achieve global expansion with a proven marketable product.
The company has experienced significant growth, expanding from thousands to ten thousands of users, with a year-over-year increase of more than 3,000%.
“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, by providing alternative investment options in a rapidly developing space,” said Sanders.
Revix’s most popular products are the:
- Top 10 Bundle
- Smart Contract Bundle
- Ethereum and Bitcoin
The images below show the year-over year returns growth for the company’s most popular products.