Revolut Valued at $115B, EU-Canada Payment Alliance Formed
Revolut has reinforced its standing as Europe’s most valuable private company after a new fundraising set its valuation at $115 billion. The transaction was co-led by Glade Brook Capital Partners, Coatue, Durable Capital Partners, T. Rowe Price Associates, and Baillie Gifford. Revolut had previously been valued at $75 billion following a secondary share sale 12 months ago. This new valuation follows Revolut launching banking operations this year in Mexico, Australia, and, as of this week, New Zealand.
Leadership Changes in Lending
UK-based SME lending platform Funding Circle has appointed former Liberis chief executive Rob Straathof as its new CEO, subject to regulatory approval. Straathof will join in H1 2027, succeeding Lisa Jacobs, who told the Funding Circle board of her intention to step down after four years at the helm. In the interim, Jacobs will “continue to lead the business and ensure a smooth and orderly handover, before stepping down by no later than September 2027”.
Transatlantic Payment Link
The European Union (EU) and Canada have established a new partnership, the Alliance for the Future, aimed at connecting their real-time payment systems across the Atlantic. Negotiations to link the two instant payment systems are expected to begin in the coming months. Canada is preparing to implement the Real-Time Rail (RTR) system, while the Eurosystem relies on the TARGET Instant Payment Settlement (TIPS) infrastructure.
Canadian Prime Minister’s office stated, “We will support connecting Canada and the EU’s instant payment systems to enable Canadians to send money to people and businesses in the EU seamlessly.” This technical integration could simplify cross-border transactions for millions of consumers and businesses.
Core Banking Expansion in Thailand
Core banking technology provider Thought Machine has been selected to power a new digital bank in Thailand called CLICX. The selection includes Thought Machine’s Vault Core technology, which will serve as the “technology foundation for its new bank”. CLICX will provide lending services to freelancers, gig workers, and small business entrepreneurs. The bank is a joint venture between telecom company Advanced Info Service, Krungthai Bank, and PTT’s oil and retail subsidiary.
Acquisition Withdrawn in the US
Digital lending platform OppFi has withdrawn its applications to the US Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC). The applications were related to the proposed acquisition of BNCCORP and its subsidiary, BNC National Bank. The deal, a $130 million cash-and-stock transaction, was intended to establish a bank subsidiary named OppFi Bank.
In a statement, OppFi said it “proactively engaged” with regulators before the transaction and “diligently responded to extensive information requests.” The company added it has not had a “meaningful opportunity to engage with federal regulators to address potential concerns.” Todd Schwartz, CEO and executive chairman of OppFi, stated, “We believe that our applications satisfied the existing statutory criteria for approval, but there is a lack of clearly articulated standards by which those criteria are being used.”
