UK-based challenger bank Revolut has hired the American investment bank JPMorgan to get the financial muscles to go global.
The payments and banking startup enlisted the bank’s services to raise $500m in new equity and to arrange $1bn in convertible loans, according to a report by the Financial Times.
The news comes after Revolut expanded its partnership with Visa to tap into 24 new markets – including Brazil, the US, Japan and Russia – and to hire 3,500 new employees across the world. It had previously opened a new centre in Portugal in September.
Revolut achieved unicorn status in April 2018 when it raised $250m funding round. The round was led by Hong Kong-based investment company DST Global. Revolut’s Series C round put the company’s valuation at $1.7bn.
British challenger banks have been growing steadily over the past six years, with the UK sector growing faster than its counterparts in other European countries, according to FinTech Global’s data.
Part of the reason is because the British financial sector has always been very strong, with fewer banks than what other European countries have.
JPMorgan invested in accounting software company FreshBooks in August.
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