Revolut is working on a $500 million share sale, which could value the company at over $40 billion, surpassing its 2021 valuation of $33 billion, according to Reuters, citing people close to the UK fintech unicorn.
This comes as the currency and virtual debit cards group continues to await approval for its UK banking licence, which it applied for over two years ago.
Despite a challenging funding environment for fintechs post-pandemic, Revolut remains the UK's most valuable start-up.
Founded in 2015, it offers financial services through a digital platform, boasting 40 million customers worldwide, including nine million in the UK.
The company plans to expand its workforce to 11,500 by the end of 2024, reinforcing its position in the competitive financial services market.