Sky News is reporting that Abu Dhabi sovereign wealth fund Mubadala is in talks to buy a $100 million stake in UK based neobank and payments company Revolut from existing Revolut investors.
Mubadala was part of a group of institutional investors that acquired a small stake in Revolut earlier this year from Revolut founder Nik Storonsky.
Sky News further reported that Mubadala is apparently looking to further increase its stake in Revolut, reflecting its confidence in the fintech’s ability to attract a significantly higher valuation in future.
The identity of the Revolut selling shareholders was unclear, although Sky News reported that Balderton Capital, a tech-focused investor in the UK which has backed Revolut since early in its existence, is said to be among those which have been keen to monetise a chunk of their holdings.
Revolut now reports having more than 60 million retail users and 500,000+ business customers in the UK and worldwide, and has become the most downloaded finance app in a number of countries in Europe and globally.
