Challenger Bank Revolut hopes to raise £1.2bn in preparation for global expansion.
Sky News reports that Revolut has hired JPMorgan to conduct an equity raise and loan issuance.
It hopes to raise £395mn from the equity raise and £790mn as a convertible loan.
The capital raise could make the company the most valuable FinTech in Europe.
What does this mean?
The news comes weeks after Revolut’s global deal with Visa as it plans to expand across the world. The loan it seeks will be converted into shares provided the company receives a US banking license.