Digital banking app Revolut is on track for a new fundraising that will value the company at more than $10 billion, Sky News reported on Saturday.

The London-based financial technology startup is lining up FT Partners, a US-based fintech-focused investment bank, as its adviser on the new funding, which is expected to take place after the summer, the report added.

Revolut declined comment on what it said was speculation.

The company, which raised $500 million in a funding round at a valuation of $5.5 billion in early 2020, has established a presence in more than 35 countries.

The company, which provides bank accounts via its app, has attracted more than 15 million retail customers since its launch in 2015 with a range of money management tools, including a debit card connected to an app that allows users to spend different currencies at the interbank exchange rate with low fees.

Revolut said last month it had completed the first step to apply for a US banking license that would allow it to offer more services to US customers such as overdraft protection, loans and deposit accounts.