Brex is raising a new round of capital that could roughly triple the financial technology startup’s valuation to $8 billion, according to a person close to the company. The new financing follows Brex’s application for a banking license and would add to a string of large deals in the fintech sector.

Tiger Global Management, a hedge fund and venture investor, is among the candidates that could sign on to lead the financing, the person said. Existing investors such as Ribbit Capital, Greenoaks Capital and DST Global are also expected to participate in the deal, which is still being negotiated. The size of the potential deal as well as the company’s recent financial performance couldn’t be learned.