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Revolut targets $1.5bn to join fintech elite

Revolut targets $1.5bn to join fintech elite

Business
British-based digital payments and banking group Revolut is trying to raise $ 1.5bn (£1.2bn) from investors as part of a quest to become one of the world's most highly-prized fintech companies.Sky News has learnt that Revolut has hired investment bank JP Morgan to orchestrate both a $ 500m (£395m) equity-raise and the issuance of a $ 1bn (£790m) convertible loan in the coming months. If successfully completed, it would catapult the business into the ranks of technology companies which have secured individual funding rounds in excess of $ 1bn (£790m).Sources said this weekend that the company, led by founder and chief executive Nik Storonsky, would target a valuation from the capital-raising of between $ 5bn (£3.9bn) and $ 10bn (£7.9bn) - which would make it the most valuable fintech player