Abu Dhabi sovereign wealth fund Mubadala acquired a stake in global neobank and fintech Revolut as part of the USD 500 mn share sale in August, which valued the company at USD 45 bn, the Financial Times reports, citing three people it says have knowledge of the transaction. Revolut CEO Nik Storonsky sold between USD 200-300 mn of his shares in the transaction in a bid to support his venture capital fund QuantumLight.

Revolut wants to scale up in the UAE: Revolut has filed for licenses to become an electronic-money institution and offer remittances in the UAE, an initial step it’s taking ahead of applying for a full banking license, Bloomberg reports, citing people familiar with the matter. The company eyes a similar expansion in Saudi Arabia.

The London-based digital bank is now on the hunt for top execs to join its team in the UAE, including a head of finance, head of legal, and roles in crypto, engineering, and more, Bloomberg says.

Background: Revolut entered the UAE market in 2022, setting up an office in the Dubai International Financial Center with 140 employees. The London-based company has launched operations in Mexico, Brazil, and New Zealand.

Mubadala has had its eyes on Europe’s fintech sector for a while: The sovereign wealth fund participated in a USD 800 mn funding round for Swiss fintech Klarna in 2022.

OTHER M&A NEWS-

Adia acquires AED 1.9 mn stake in Indian financial firm: Abu Dhabi Investment Authority (Adia) acquired a 0.37% stake in Mumbai-based financial services company Edelweiss Financial Services for INR 44.3 mn (AED 1.9 mn), Indian news channel NDTV reports, citing NSE data. Adia acquired the stake in an open market transaction.

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