Revolut heads for a new valuation

Revolut is looking to raise $1 billion in new funding for its global expansion, the FT reports, with US investment firm Greenoaks reportedly leading the private funding round. It adds that Abu Dhabi sovereign investor Mudabala, which invested in Revolut last year, is also in discussions to participate in the round. Mubadala was an investor in last year’s secondary share sale, which valued the bank at a $45bn valuation, so this is a significant bump, after the bank brought in pre-tax profits of $1 billion in 2024. Revolut customer numbers currently stand at around 50 million but the bank has long been eyeing expansion in the lucrative US market, where digital banks such as Chime have had successful IPOs in recent times. Revolut was valued at $45 billion in a secondary share sale last year.