Crypto firm Revix raises R58m, looks to create jobs in SA
South African crypto-currency investment platform Revix has raised over R58 million in off-shore funding, and is looking to create employment in the country.
In a statement, the Cape Town-based Revix, which also has offices in London, says the funding is testament to the potential of the crypto-currency sector in SA.
The company tells ITWeb that the multimillion-rand investment was made by a consortium of UK and European investors, as well as the Qatar Development Bank.
The investment comes at a time leading crypto-currencies like Bitcoin have seen a massive surge in value after getting backing from big-name brands such as Tesla, Mastercard and PayPal, among others.
At the time of writing, Bitcoin was trading at an all-time high of over $64 000.
Founded in 2018 on the principle that everyone should be able to invest their own money and become their own wealth manager, Revix says the business’s customer growth has mirrored the exponential rise in the crypto-currency market, which is valued at over $2 trillion – making the digital asset class more valuable than Apple.
The company says the capital will be used to launch Revix's mobile application, a variety of fourth industrial revolution investment opportunities, and for expansion to the European Union.
Locally, it adds, the funding will allow for the creation of more than 30 additional SA-based jobs, proof that regulating crypto-currencies 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 [artificial intelligence], biotech, 5G, e-sports and crypto-currencies,” says 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.”
Revix claims it 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 are 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 one of 21 start-ups, and the only South African fintech firm, to be accepted into the 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 fintech firms (of 500 applicants) for Wave 2 of the Qatar Fintech Hub’s incubator and accelerator programmes.
“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,” 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,” concludes Sanders.