SoundCloud is ready to sell for more than $1 billion. Raine Group and Temasek Holdings, Singapore’s state investment fund, have started interviews with investment banks in preparation for a possible auction of the company.

The deal is currently being handled by US merchant bank The Raine Group and Singaporean state investment fund Temasek Holdings, which both invested in SoundCloud in 2017. According to Sky News, the two companies have started interviewing investment banks about a prospective sale later this year. SoundCloud is expected to fetch in excess of $1 billion.

SoundCloud laid off slightly under 10% of its workers last year as it sought yearly profitability for the first time. the sale of SoundCloud is rumoured to be unlikely to begin for some months.

Soundcloud is home to almost 40 million artists, with 320 million recordings released on the platform. It has been hugely instrumental in helping shape a number of artist’s careers since it was founded in 2007.

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