Challenger bank Revolut - which is being steered by two Aberdonians - is in talks to raise new funding from investors at a $65billion (£48billion) valuation.
The FT reports that UK-based financial technology group - which is Europe's most valuable start-up - is in discussions to raise about $1billion of funding via newly issued shares and the sale of some existing stock.
The US investment firm Greenoaks is in talks to lead the private funding round, while Mubadala, the Abu Dhabi sovereign investor, is also said to be in discussions to participate in the round.
Aberdeen Asset management founder Martin Gilbert has chaired Revolut since 2020, and fellow University of Aberdeen graduate John Sievwright also sits on its board. The business is led by chief executive Nik Storonsky.
In April, Revolut reported that its pre-tax profits had more than doubled to £1billion last year, in part due to a surge in cryptocurrency trading.
Revenues rose to £3.1billion, from £1.8billion one year earlier, and the app now has more than 50 million customers.