Revolution confirmed a new valuation of $45 billion via a secondary market share sale, shortly after the British neobank obtained its own banking license in the United Kingdom and Mexico.
This news positions Revolut as one of the most valuable private technology companies in Europe.
Founded in London in 2015, Revolut is one of the many fintechs have emerged from Europe over the last decade to challenge the large incumbent banks. Revolut offers a range of services covering multi-currency accounts, payment and transfer services, crypto products, insurance and much more. The company has also expanded beyond the UK into international markets, including Europe And the United States.
Revolut has raised approximately $1.7 billion since its inception, with its most recent tranche coming from a E series of 800 million dollars in 2021which gave it a valuation of $33 billion after money. In the years that followed and in a context of global economic slowdown, the valuation of Revolut would have dived at various times. Speculation last year is that it may have fallen to around $20 billion.
As Revolut is a private company, nothing has ever been confirmed. But following record profits this year and strong user growth, with 45 million customers, rumors emerged that the company seeking a valuation of around $40 billion; now it’s confirmed.
Today’s secondary sale of Revolut shares is designed to boost “employee liquidity,” which the company says helps them “realize their contribution to Revolut’s growth.”
“It’s their hard work, innovation and dedication that has enabled us to become Europe’s most valuable private technology company,” Nik Storonsky, CEO of Revolut (pictured above), said in a statement .
The secondary sale included a mix of new and existing investors, with Coatue, Tiger Global and D1 Capital Partners leading the charge.
A $45 billion valuation, along with its recent strong financial results, user metrics, and newly acquired banking licenses, positions Revolut for its next phase. All eyes will be on the company’s IPO plans, with reports suggesting that it favors a listing in the United States, even if the British government seeks to steer it towards domestic shores.