The London payment company has hired JP Morgan to oversee an equity raise and the issue of a convertible loan.
Revolut is looking to raise $1.5bn (£1.2bn) from investors, as it targets the mantle of becoming the world's most valuable fintech in Europe.
Revolut has hired investment bank JP Morgan to oversee both a $500m (£395m) equity raise and the issue of a $1bn (£790m) convertible loan, according to a report in Sky News.
Chief Executive and founder Nik Storonsky is targeting a valuation of between £3.9bn and £7.9bn to propel Revolut to become the most valuable fintech in Europe.
If successful in its fundraising, it would take the total amount raised by Revolut during its five-year existence to nearly $2bn (£1.6bn).
The fundraising effort comes just weeks after Revolut announced a global deal with Visa as it moves into 24 countries where it will issue Visa-branded cards, including in the US and Japan.
Sources disclosed to Sky News that the new loan could be raised on the basis that it would convert into shares if Revolut receives a US banking licence.
Revolut, founded in 2015, has created a number of financial service products through its app, including a pre-paid debit card which doesn't charge transaction fees when travelling.
Other services it offers including foreign currency transfers and cryptocurrency trading.
Revolut is also looking to add some heft to its executive ranks.
It is hoping to unveil Martin Gilbert as its new Chairman in the coming weeks while Michael Sherwood, the former co-head at Goldman Sachs, is set to join the board as a Non-Executive Director.
The company has also hired Richard Davies, previously a banker at HSBC, as Chief Executive in June.
Earlier this month, Revolut announced that its revenues more than quadrupled to £58.2m in the year ending December 2018 but losses more than doubled to £32.8m, according to its latest financial figures.