Revolut hits $45b valuation in employee share sale

By Gloria Methri

Revolut has secured a valuation of $45 billion through a secondary market share sale, positioning it as one of the most valuable private tech companies in Europe.

“Revolut has signed agreements with a group of leading technology investors to provide liquidity to employees through a secondary share sale at a $45 billion valuation,” the company said in a statement.

This secondary share sale allows current employees to capitalise on their contribution to Revolut’s growth while attracting a diverse mix of both new and existing investors. Coatue, D1 Capital Partners, and existing investor Tiger Global led the round.

The news comes shortly after the neobank secured its banking license in the UK and Mexico.

Big year for Revolut

Founded in London in 2015, Revolut is a financial super-app offering a range of services spanning multi-currency accounts, payment and transfer services, crypto products, insurance, and more. Beyond the UK, the company has forayed into international markets, including Europe and the US.

The secondary share sale follows the company’s strong financial performance. In 2023, British FinTech reported revenues of $2.2 billion (a 95% year-on-year increase) and a record profit before tax of $545 million.

Revolut continued its upward trajectory in the first half of 2024, recording an annual revenue increase of above 80% and improved profitability. With over 45 million customers globally and a target of 50 million by the end of the year, the company is witnessing rapid growth in its user base.

Last month, Revolut secured a banking licence in Mexico, followed by the granting of its UK banking licence (Authorisation with Restrictions) in July, an essential step in the company’s continued expansion both in the UK and globally.

Additionally, it announced the launch of several new products, including the RevPoints Loyalty Programme, eSIMs, and the Revolut X crypto exchange.

Nik Storonsky, CEO of Revolut, said on the share sale, “We are delighted to provide the opportunity to our employees to realise the benefits of the company’s collective success. It’s their hard work, innovation, and dedication that have driven us to become the most valuable private technology company in Europe. We’re also excited to partner with several new investors who share our vision as we continue our journey to redefine the banking landscape as we’ve known it.”