Revix, a cryptocurrency investment platform based in South Africa, has raised $4.1 million in off-shore capital to expand into the European Union (EU) market.
Founded in 2018 on the principle that everyone should have the ability to invest their own money and manage their own wealth.
Wave 2 of the Qatar FinTech Hub’s Incubator and Accelerator Programs selected Revix as one of 11 fintech startups.
“We are at the start of a multi-decade super-cycle of retail investing, and we are excited to work with Revix to advance the intricate network of consumer tech, finance, and regulation needed to bring real innovation to the private investment space,” said Ibrahim Al Mannai, executive director of advisory and incubation at Qatar Development Bank.
Also, Revix is one of 21 startups worldwide, and the only South African FinTech, to be admitted into the world-renowned six-month Berkeley Blockchain Xcelerator program.
“The accelerator is known for working with companies that use novel technology to address global societal challenges. Jocelyn Weber, director of X-Labs and Berkeley’s Blockchain Xcelerator, said, “Revix has built a platform that has the potential to break down barriers to entry within this alternative investment space.”
“Our aim is to blur the boundaries between investing in conventional asset classes like stocks and emerging alternative investment sectors like AI, biotech, 5G, eSports, and cryptocurrencies,” said Revix CEO Sean Sanders. “We want to make it easy for everyday people to invest in emerging themes, technologies, and asset classes.”
Customers can receive points that can be redeemed for bitcoin through the startup’s behavioural loyalty and rewards program, which is the first of its kind in South Africa.
“We’re developing a behavioral loyalty model that rewards investors for making smart long-term investment choices, such as diversifying their investment portfolios, increasing the investment community, enhancing their financial literacy, and diversifying their investment portfolios,” Sanders said.
Revix plans to use the funds to launch its mobile app, as well as explore a range of Fourth Industrial Revolution investment opportunities and expand into the European Union.
More than 30 additional jobs will be created in South Africa as a result of the funding.
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