Revolut chasing $1bn in fundraising - reports

UK challenger bank Revolut could be in line for a $1 billion (£750 million) capital injection which would make it one of the most valuable fintechs in Europe.

Revolut chasing $1bn in fundraising - reports

According to a report from Sky News, Revolut's advisors have asked for proposals from leading tech investors, including Japan-based SoftBank's Vision Fund 2, for an investment between $750 million and $1 billion.

Should the funding be provided, it would rank Revolut as one of the most valuable fintechs in  the market. 

Large fintechs such as Revolut have become a focus for venture capital in recvent weeks. In June, Sweden's Klarna raised $639m in a funding round led by Softbank's Vision Fund 2, earning it a valuation in excess of $45 billion (£31 billion).

Should that valuation prove accurate, it would  make Revolut worth six times more than it was a year ago, despite doubling its losses during 2020. 

Revolut's results for 2020 show that losses were £207 million, compared to  a £106 million in 2019.   

The challenger bank has, however, seen both its customer numbers and revenues grow in this time and it reported a profit for the final two months in 2020.

In addition, Revolut has expanded its business in the last 12 months, growing its presence in Australia, the US and Japan, and developing its cryptocurrenmcy offering.