Existing investor Tiger Global Management is in talks to lead a $500 million secondary share sale for Revolut that would value the UK-based fintech giant at at least $40 billion, according to Sky News.
Tiger, which jointly led Revolut's 2021 $800 million funding round at a $33 billion valuation, is one of "several parties" interested in buying shares, says Sky.
Last month it emerged that Revolut is working with Morgan Stanley to sell about $500 million worth of existing shares, including those held by employees, to reach the $40 billion valuation.
CEO Nik Storonsky is among the staffers likely to sell off shares, with reports suggesting he plans to offload stock worth tens or hundreds of millions of dollars.
Earlier this month, the fintech reported a record profit of $545 million in 2023, boosting its long-term quest to secure a UK banking licence.
Revolut group revenue increased by 95% from $1.1bn in 2022 to $2.2bn over the course of the past year, aided by record customer recruitment and higher interest rates.