Revolut Achieves $45 Billion Valuation in Secondary Share Sale, Cementing Position as Europe’s Most Valuable Private Tech Company

Revolut, the UK-based fintech giant, has announced a secondary share sale that values the company at $45 billion, solidifying its status as Europe’s most valuable private technology company. The deal, led by investors Coatue, D1 Capital Partners, and existing backer Tiger Global, provides liquidity for employees and attracts both new and existing investors.

This valuation represents a significant increase from the $33 billion valuation Revolut secured in its last funding round in 2021. The company attributes this growth to its strong financial performance in recent quarters and progress in executing strategic objectives. In 2023, Revolut reported revenues of $2.2 billion, a 95% year-on-year increase, and a record profit before tax of $545 million.

Nik Storonsky, CEO of Revolut, commented on the share sale, stating, “We’re delighted to provide the opportunity to our employees to realize the benefits of the company’s collective success. It’s their hard work, innovation, and dedication that has driven us to become the most valuable private technology company in Europe.”

The fintech firm, founded in 2015, has experienced rapid growth and now boasts over 45 million customers worldwide. Revolut is on track to surpass 50 million customers by the end of 2024, cementing its position as one of the fastest-growing finance apps globally.

This latest development follows several key milestones for Revolut in 2024, including securing banking licenses in Mexico and the UK. The UK banking license, granted after a three-year wait, allows Revolut to take customer deposits and issue products such as loans and credit cards, potentially posing a significant challenge to traditional banks.

While Revolut has signaled its intention to go public, the company has not yet provided a timeline for an initial public offering (IPO). Reports suggest that the UK government is hoping to convince Revolut to choose London over New York for a potential listing.

The $45 billion valuation puts Revolut’s worth above some of Europe’s established banks, including Societe Generale and Barclays. This reflects investors’ belief in Revolut’s growth prospects compared to traditional lenders, particularly given its app-based model and lower cost base.