U.K.-based digital bank Revolut is in “detailed talks” with SoftBank about a fundraising round that could value the firm between $30 billion and $40 billion, according to a Sky News report.

  • Revolut and its advisers have asked investors at SoftBank’s Vision Fund 2 to submit proposals for an investment of between $750 million to $1 billion with a deal expected to be “some weeks” away.

  • Last month, Bloomberg reported that the firm was in the early stages of talks with investors about a deal that could see the 6-year-old digital bank valued at more than $20 billion.

  • While it was unknown who else Revolut was in talks with, the size of the proposed Softbank investment would seem to indicate that only Tiger Global Management and Dragoneer Investment Group would have the wherewithal to make similar proposals, Sky News said.

  • The SoftBank Vision Fund 2 has backed firms such as Uber Technologies as well as the buy-now-pay-later platform Klarna.

  • Last week, Mercado Bitcoin, the largest bitcoin exchange in Brazil, raised $200 million in a Series B round from the SoftBank Latin America Fund.

  • Revolut first began offering crypto trading back in 2017.

Read more: Revolut Adds Dogecoin to Crypto Offering

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