UK fintech Revolut is reportedly in advanced talks to raise $1 billion in a new funding round that could value the company at $65 billion, according to the Financial Times. The round is expected to be led by Greenoaks, a California-based investment firm, and will include a mix of secondary sales and newly issued shares.
Founded in 2015 by Nik Storonsky and Vlad Yatsenko, Revolut began as a travel-focused financial app and has since grown into one of the largest neobanks in Europe. It posted its second consecutive annual profit earlier this year, strengthening its reputation as a global fintech leader.
Sky News also reported this week that Abu Dhabi’s sovereign wealth fund Mubadala is in discussions to increase its stake in the company.
The fundraise comes after Revolut was finally granted a UK banking licence in 2023, following years of negotiations. However, the company is still awaiting approval for a consumer credit licence, which it applied for last year.
Despite Revolut’s rapid growth, the fintech — like many of its peers — faces the ongoing challenge of becoming users’ primary banking platform, particularly for salary deposits. The company has consistently downplayed concerns about this trend.
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