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Report: Revolut seeks $1.5B for global expansion; executive shakeup in the works

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Report: Revolut seeks $1.5B for global expansion; executive shakeup in the works

Revolut Ltd. plans to raise funding of a total of $1.5 billion in a bid to expand internationally, insiders told Sky News.

The British mobile money firm has tapped JPMorgan to arrange a $500 million equity-raising deal and a $1 billion convertible loan in the coming months, transactions that could put the amount it has raised since its formation in 2014 at nearly $2 billion, the sources said. The firm reportedly aims to secure the new loan on the guarantee that the money would be converted into shares once it clinches a banking license in the U.S.

This comes after Revolut's deal with payments giant Visa Inc., under which it will issue Visa-branded cards and enter 24 new territories. It remains to be seen if Visa will participate in the new funding deals.

Revolut aims for a valuation of between $5 billion and $10 billion after the capital hike, the sources added. However, additional details on the planned deals will unlikely be released for some months, according to the Oct. 12 report.

The company is also planning to revamp its board and management team, eyeing Martin Gilbert as chairman and an unnamed Metro Bank PLC executive as CFO, Sky News added.