Revolut valuation hits $45bn after share sale

Revolut has announced a secondary share sale at a $45 billion valuation.

The UK FinTech signed agreements with technology investors Coatue, D1 Capital Partners, and existing investor Tiger Global to provide liquidity to employees through the share sale.

The neobank said the move would allow employees to "capitalise on their contribution to Revolut’s growth", while attracting a diverse mix of both new and existing investors.

The share sale comes after Revolut received its UK banking licence “with restrictions” after a three-year wait.

Revolut first filed for a UK banking licence in 2021. Since then, it has received approval from other countries, including Mexico.

A range of issues emerging during the past years, including accounting and reputational issues and late accounts filings have made it more difficult for it to enter the UK.

Revolut said its new valuation reflects the strong financial performance recorded by the company in recent quarters as well as the progress made in executing its strategic objectives.

The firm, which currently has over nine million UK customers and 45 million globally, recently published its 2023 financial results, announcing pre-tax profits of $545 million and revenues surpassing $2.2 billion.

“We’re delighted to provide the opportunity to our employees to realise the benefits of the company's collective success," said Nik Storonsky, chief executive of Revolut. "It’s their hard work, innovation, and dedication that has driven us to become the most valuable private technology company in Europe."

Revolut said that based on App Store and Google Play store downloads as of July 2024, the company is now the fastest growing finance app in 19 markets and is on track to "surpass 50 million customers" by the end of the year.



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