Revolut eyes $10bn valuation as it prepares for further fundraising

Telegraph 12 Oct 2019 04:27

Revolut is preparing for a fundraising drive that could push it to a $10bn valuation — making it Europe’s most prized fintech firm.

The UK-based payments and banking company is gearing up to issue a $1bn convertible loan in the coming months, Sky News reported.

The loan would sit alongside a long-expected $500m equity raise. Revolut had been in discussions with Japanese investment giant Softbank over the deal, but talks ground to a halt and the the London-headquartered firm has now hired US investment bank JP Morgan to conduct the round.

If successful, the efforts would bring the total raised by the company to $2bn and potentially give it a valuation of between $5bn and $10bn.

A spokesperson for Revolut declined to comment on the report.

The company has emerged as one of the frontrunners in Britain’s burgeoning fintech scene, with its cards and app drawing more than 7m users. 

It has faced questions over its processes, however, after the Telegraph revealed the firm temporarily switched off a sanction screening system last year. 

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RevolutSky NewsUSEuropeMartin Gilbert