SoftBank ‘in talks’ with Revolut about $1bn investment

SoftBank’s Vision Fund 2 is reportedly one of several companies considering investing up to $1 billion in UK digital bank Revolut.

A report from Sky News revealed that the banking and payments app is in talks about an investment that could value the company at more than $30 billion (£21.7 billion.)

The transaction would make Revolut one of Europe’s most valuable FinTech companies.

Industry sources told the news organisation that the potential investment was being discussed at a valuation of between $30 billion and $40 billion (£28.9 billion.)

SoftBank’s Vision fund has in the past backed Uber Technologies and Klarna. It has also previously held discussions with Revolut about investment but failed to reach an agreement.

Net losses at the London-based challenger bank widened from £107.4 million to £207 million in 2020, rising 93 per cent year-on-year.

However, the FinTech’s overall revenues increased 34 per cent to £222 million from £166 million in 2020, despite losing income from its core travel related operations. [link]

Revolut declined to comment on the reports.

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