UK fintech giant Revolut is in talks to raise $1bn from investors at a valuation of $65bn, according to reports.
Founded in 2015 by Nik Storonsky and Vlad Yatsenko as a financial travel app, Revolut reports its second set of annual results in the black earlier this year, bolstering its position as Europe’s most valuable fintech.
The leading UK neobank is now said to be seeking $1bn in funding, with US investment firm Greenoaks leading the roud, via secondary sales and newly issued shares, the Financial Times reports.
Earlier this week, Sky News reported Abu Dhabi sovereign fund Mubadala was in talks to take a bigger stake in the company.
Revolut was last year awarded a UK banking licence, following a three-year back-and-forth with regulators. However, the company still has yet to receive a consumer credit licence, after submitting an application last year.
While the fintech has grown considerably in recent years, it has — like other neobanks — struggled to convince users it should be the first port of call for wages, although Revolut has downplayed such issues.
Sifted approached Revolut for comment.
Read the orginal article: https://sifted.eu/articles/revolut-raise-valuation-65-billion-shares-greenoaks/
