Revolut, Europe’s most valuable start-up, is in talks to raise $1 billion in fresh capital at a $65 billion valuation, according to the Financial Times.
The funding would mark a significant step in the fintech group’s global expansion strategy and represents a 44% increase over its last known valuation of $45 billion from a secondary share sale one year ago.
The London-based company plans to raise the funds through a combination of newly issued shares and the sale of existing stock, the report said.
Greenoaks, a U.S. investment firm that specializes in backing high-growth technology ventures like Robinhood and Stripe, is in talks to lead the round, although final terms have not been confirmed.
The jump in valuation would also push Revolut closer to an internal milestone. CEO Nik Storonsky is eligible for a substantial compensation package if the company reaches a $150 billion valuation, according to the Financial Times.
Revolut offers users the possibility of gaining exposure to various cryptocurrencies and crypto stocks. It’s working on rolling out Lightning Network payments for European users.