Revolut ‘in talks’ to raise new funding at $65bn valuation

Financial technology giant Revolut is in talks to secure new funding at a valuation of $65 billion, sources said, with a US-based investment firm potentially leading the funding.

The company is in discussions to raise about $1 billion via newly issued shares and the sale of some existing stock, the Financial Times reported, citing people familiar with the matter, adding that US-based investment firm Greenoaks is in talks to lead the private funding.

Revolut declined to comment on the report, while Greenoaks did not immediately respond to a Reuters request.

Last year, Revolut was valued at $45 billion through a secondary share sale to new and existing investors. It has emerged as the most successful of the handful of European fintechs founded in the past decade with a digital-only model. It has more than 55 million customers, including 3 million in Ireland.

The company in April reported a more than twofold surge in last year’s pretax profit to £1.1 billion and said it expected to start operating as a UK bank in 2025.

It already operates as a bank in Ireland, under a Lithuanian banking licence, and offers loans, credit cards and investment products. However, there are plans to make Paris its western European headquarters, folowing an announcement in May that it would file for a banking licence in France.

That would bring the group’s Irish operation into the Paris unit, along with Spain, Germany, Italy and branches that are scheduled to open in the coming months in Europe.

Lithuania will continue to serve other markets in the single currency region and the banking unit there will continue to be led by Irishman Joe Heneghan. - Additional reporting: Reuters