South African cryptocurrency investment platform Revix has raised ZAR58.5 million (US$4 million) in funding to help it launch a mobile and expand to the European Union (EU).
Revix, which has offices in Cape Town and London, has the aim of making investments in cryptocurrency funds more accessible to ordinary investors, and was founded by Sean Sanders and Louis Buys in 2018 on the back of a funding round from JSE-listed firm Sabvest.
The startup was founded on the principle that everyone should be able to invest their own money and become their own wealth manager, and will now look to continue its growth after raising the US$4 million funding, which comes from overseas investors and accelerators.
Revix will use the investment to launch its mobile application, a variety of Fourth Industrial Revolution (4IR) investment opportunities, and for expansion to the EU. Locally, the funding will allow for the creation of more than 30 additional South Africa-based jobs.
“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, Revix’s chief executive officer (CEO). “We want to empower everyday people to safely invest in emerging themes, technologies and asset classes in an effortless way.”
The startup 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 said.
In addition to the funding secured, Revix is also one of 21 startups, 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,” said Jocelyn Weber, director of X-Labs and Berkeley’s Blockchain Xcelerator.
The company was also one of 11 selected fintech startups for Wave 2 of the Qatar FinTech Hub’s (QFTH) 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,” said Ibrahim Al Mannai, executive director of advisory and incubation at Qatar Development Bank.