Revolut has hired JPMorgan to oversee a $500 million equity raise and $1 billion convertible loan, in a move that would bring the total funding raised by the loss-making firm to almost $2 billion.
The search for new capital comes just weeks after Revolut secured a global deal with Visa that would see the fintech move into 24 new markets and boost staff numbers to 3500.
According to Sky News, which first reported on the upcoming funding round, Revolut is aiming for a valuation of between $5 billion and $10 billion from the capital raise.
Insiders said that Revolut would seek to raise the new loan on the basis that it would convert into shares in the event that the company received a US banking licence.
Revolut now has seven million customers across Europe, about half of whom are in the UK. The firm, which reported a pre-tax loss of £33m in 2018, compared with £15m the previous year, claims to be opening 12,000 new accounts every day.