Revolut is reportedly in talks to raise £1 billion in funding.

People familiar with the matter told the Financial Times that the digital bank would raise the funds at a $65 billion valuation.

According to the newspaper, the funding will come in the form of newly issued shares and the sale of existing stock.

The sources revealedthat US investment firm Greenoaks could lead the private funding round, while Abu Dhabi sovereign investor Mubadala is also in talks to be involved in the fundraise.

They said that the $65 billion valuation represents a "blended" figure which includes both a higher number for raising new funds and a lower one for existing investors selling their shares.

The news comes days after the publication reported that Revolut is yet to be given permission by UK financial watchdogs to provide consumer credit services after applying for a licence in 2024.

Without a licence, the neobank cannot currently offer a full range of traditional lending services in the UK, such as credit cards.

In July last year, the neobank received its UK banking licence “with restrictions” after a three-year wait.

The delay came as a range of issues emerged following its initial application in 2021, including accounting and reputational issues and late accounts filings.

Approval from the Prudential Regulation Authority (PRA) led to a ‘mobilisation’ stage for the business, which sees authorised new banks operate with deposit restrictions while they complete the final aspects of their set up before starting to trade fully.

In August 2024, Revolut announced a secondary share sale at a $45 billion valuation.

The UK FinTech signed agreements with technology investors Coatue, D1 Capital Partners, and existing investor Tiger Global to provide liquidity to employees through the share sale.

At the time, it said the move would allow employees to "capitalise on their contribution to Revolut’s growth", while attracting a diverse mix of both new and existing investors.

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