London-based digital banking app Revolut is reportedly eyeing a fundraise that would value the company at over $10bn, as reported by Sky News, which cited unnamed sources.
The company will use FinTech investment bank FT Partners to lead the equity fundraising round, which is scheduled to happen after the summer, the report said.
Revolut which boasts of servicing 15 million personal customers and 500,000 business customers, operates in more than 28 currencies directly from apps and can be used in more than 35 countries.
The firm provides bank accounts via its app along with a range of money management tools including a debit card connected to an app that allows users to spend different currencies at the interbank exchange rate with low fees.
In February 2020, Revolut raised a $500m Series D funding that valued the company at $5.5bn – halfway towards the decacorn status.
Revolut said last month it had completed the first step to apply for a US banking license that would allow it to offer more services to customers in the country such as overdraft protection, loans and deposit accounts.
Per the report, the news of Revolut’s new fundraising comes on the eve of the UK’s FinTech Week which industry players and government regulators often use to make big announcements.
While the funding round would double its valuation, the startup would still be behind other European FinTechs such as buy now pay later firm Klarna, which was last valued at $31bn.
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