Technology Crossover Ventures is in talks with U.K.-based financial technology company Revolut Ltd. to provide a major part of the $500 million in equity funding the company is looking to raise in 2020, Sky News reported, citing insiders.

Revolut is looking to expand internationally, including in the U.S. and Japan, and is reportedly looking to raise $500 million in direct equity at a valuation of between $7 billion and $8 billion, as well as $1 billion in convertible debt. The $1 billion in debt would be convertible into shares if Revolut secures a U.S. banking license.

The implied valuation would make Revolut Europe's most highly valued financial technology business, Sky noted. Multiple other investors are interested in participating in this funding round and have submitted term sheets, according to the report.

Revolut had hired JP Morgan for the funding round, which is expected to complete in the first quarter of 2020.

Technology Crossover Ventures has previously invested in Airbnb, Netflix, Facebook and Spotify, among others.