The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Revolut has hired JPMorgan Chase & Co to raise $1.5 billion in debt and equity, Sky News reported, without saying where it got the information.
The US investment bank has been tasked with selling $500 million worth of shares and
$1 billion of convertible loans for the UK bank in the coming months, the report said.
The loans could be converted into equity if the company were to receive a US banking license, Sky said.
The capital increase would value the company at between $5 billion and $10 billion and make it one of the most valuable of Europe’s financial technology companies, Sky said.
Revolut created a series of retail financial-services products through its app when it was founded in 2015. It started with a pre-paid debit card that didn’t charge transaction fees when travelling and has since branched into services such as foreign currency transfers.