App may issue shares

Revolut funding could value company at $10bn

Martin Gilbert

Martin Gilbert: chairs new app bank

Digital banking app Revolut is expected to raise new funding that will value the company at more than $10 billion (£7.2bn).

The London-based financial technology startup, chaired by former Standard Life Aberdeen co-CEO Martin Gilbert, is being advised by FT Partners, a US-based fintech-focused investment bank.

The company, which raised $500 million in a funding round at a valuation of $5.5 billion in early 2020, has attracted 15 million customers around the world. However, it also tripled its losses last year to £106.5m ($147m).

Revolut has no imminent need for capital, with the next raise potentially involving the sale of $250m worth of new shares, according to Sky News.

Launched in 2015 it said last month it is close to securing a US banking licence that would allow it to offer more services such as overdraft protection, loans and deposit accounts.

It made a similar application in January for a UK bank licence.

See also: Fintech investment surges 331% at start of year

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