Blackstone and Revolut Discuss Collaboration to Reach Investors

Alternative asset manager Blackstone is reportedly in talks to offer its funds through FinTech company Revolut’s platform.

Revolut is developing a private banking service, and Blackstone’s funds would be offered to that service’s clients, Bloomberg reported Thursday (Dec. 18), citing unnamed sources.

The companies’ discussions are at an early stage, and there is no certainty they will reach an agreement, according to the report.

Reached by PYMNTS, Revolut declined to comment on the report.

Blackstone did not immediately reply to PYMNTS’ request for comment.

It was reported in January that Revolut was looking to expand its offerings into private banking, focusing on individuals with over $1 million in liquid assets. The report said Revolut’s initiative would boost the appeal of the company’s financial app to affluent clients and make it a competitor of established private banking players as well as newer FinTechs.

Revolut announced in November that it completed a share sale that gave it a valuation of $75 billion, up from $45 billion last year.

“This milestone reflects the remarkable progress we have made in the last 12 months towards our vision of building the first truly global bank, serving 100 million customers across 100 countries,” Revolut co-founder and CEO Nik Storonsky said at the time in a press release.

Over the last two months, Revolut opened a waitlist for what it called its first “ultra-premium” business card designed for high-growth companies, began offering users the ability to swap between stablecoins and fiat currency, and gained final authorization to start operations as a multiple banking institution in Mexico.

Meanwhile, Blackstone Credit and Insurance said in March that it gained approval from the Securities and Exchange Commission for its private credit solution that will invest across private corporate credit, asset-based and real estate credit, structured credit and liquid credit.

On Wednesday (Dec. 17), Blackstone announced that it partnered with asset management and insurance company Phoenix Financial and that the companies will collaborate across a range of credit strategies, including corporate, real estate and asset-based credit.

“We continue to see compelling opportunities to invest across the rapidly expanding private credit universe, leveraging Blackstone’s scale, origination capabilities and insights from across the firm,” Blackstone President and Chief Operating Officer Jon Gray said in a press release.