Mubadala, the investment arm of the Abu Dhabi government, is in advanced negotiations to purchase a $100m stake in Revolut from current shareholders, reported Skynews.
This transaction would follow a previous investment by Mubadala in the digital bank.
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The identity of the selling shareholders in Revolut has not been disclosed, but it is understood that technology investor Balderton, an early backer of Revolut, may be among those looking to sell a portion of their holdings.
A spokesperson was quoted by Skynews as saying: “We are progressing through the final stages of mobilisation and continue to work constructively with the [Prudential Regulation Authority].”
“A thorough review is an expected part of the process and getting this right is more important than rushing to meet a specific date.
“We are looking forward to launching a fully regulated UK bank for our millions of UK customers this year.”
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By GlobalDataRevolut has a valuation exceeding £33bn, with its existing shareholders including SoftBank, Coatue, and D1 Capital Partners.
The bank is actively considering an initial public offering (IPO).
Its co-founder and CEO, Nik Storonsky, was reported to have sold a share of his holding in a secondary share sale nearly a year ago.
The Financial Times has previously reported that Storonsky could receive a multibillion-dollar payout if he manages to guide Revolut to a $150bn valuation.
Revolut’s board and key investors are believed to prefer New York as the location for a potential listing, with Storonsky himself having suggested that London would not be the most suitable venue for Revolut’s profile.
Revolut and Mubadala declined to comment on the development.
Last month, a Bloomberg report revealed that Revolut is planning to acquire Banco Cetelem, an Argentine lender owned by BNP Paribas.
