Spotify Ltd., the world’s largest paid-music service, is trying to raise more than $500 million with a loan that could be converted into stock if the company goes public, according to a person familiar with the company’s plans who declined to be identified.
Spotify, which said in June that it had more than 20 million subscribers, hired Goldman Sachs Group Inc. as its adviser, said two people, who asked not to be named discussing the private effort and wouldn’t discuss terms such as valuation. Nordea Bank AB is also an adviser, according to the Swedish daily Svenska Dagbladet, which reported on the fundraising on Wednesday. The people didn’t discuss valuation. Spotify, based in Stockholm, was valued at about $8 billion when it raised money last year.