Revolut is one of the digital-only account providers taking aim at traditional high street banks.
UK fintech OakNorth raised $440 million from investors including Japan’s SoftBank Group in February.
The bank plans to achieve return on tangible equity of at least 10 percent by 2021, from 5.1 percent last year.
Recognising the threat posed by nimbler fintechs, big banks are investing in such companies in an effort to pair their respective strengths.
IPOs & Markets
HSBC has tasked its investment banking joint venture in China as well as CITIC Securities Co Ltd to work on the issuance.
The business has around $700 million in investments across Asia and Africa.
MUFG has hired 180 staff in London since April 1 and plans "a few dozen" more hirings in EMEA.
OakNorth is the first of UK's challenger banks to have hit a $1-billion valuation.
Its second attempt in the last seven years to win more business from wealthy clients.
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