Revolut, SoftBank Fund in Talks on Fundraising, Sky Reports

Revolut Ltd. is in talks with SoftBank’s Vision Fund 2 about participating in a fundraising effort that could value the banking and payment app at more than $30 billion, Sky News reported, without saying where it got the information.

The fund is one of several investors that London-based Revolut and its advisers asked to submit proposals in recent weeks for an investment of between $750 million and $1 billion, according to the report. The identity of the other funds in the discussions wasn’t clear, it said.

Revolut’s banking app allows customers to hold money in as many as 28 currencies and convert them at real exchange rates, according to its website. It’s part of a wave of fintech startups that are attracting multibillion dollar valuations from investors.

Revolut and a spokesman for the SoftBank fund both declined to comment, Sky News said.

©2021 Bloomberg L.P.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.