Sources with knowledge of the plans told the FT that the fintech is working with Morgan Stanley to sell about $500 million worth of existing shares, including those held by employees, to reach this valuation.

This comes after an investor revaluation earlier this year placed Revolut’s valuation at $25.7 billion, which was still down from its 2021 valuation of $33 billion.

If it were to reach its aims, it would surpass the market capitalisation of NatWest and Société Générale, and be matching Lloyds Banking Group.

The startup is still facing uncertainty with its UK banking licence application, initially submitted three years ago.

Revolut have recently moved their headquarters to Canary Wharf after announcing it will grow its head count by 40%.