An attempt by a US private equity firm to boost its stake in the $45 billion financial app Revolut, ahead of a long-awaited stock exchange float, has been scuppered by the Financial Conduct Authority.
Jamba Europe — in effect owned by New York-based HOF Capital — had been trying to buy the shares from Revolut investors through the private trading platform formerly known as Seedrs, now called Republic.
However, the City regulator raised concerns that the offer was at risk of being regarded as a “financial promotion”, which would need specific FCA approval.
Vlad Yatsenko and Nik Storonsky founded Revolut in 2015
REVOLUT
Jamba’s attempt to buy stock followed a sale of shares by Revolut’s staff in August, which, the fintech company said, valued it at $45 billion (£35 billion). At such a valuation, Revolut,