Revolut has secured a $45 billion valuation in a secondary share sale with new and existing investors.
The deal to give employees liquidity for their stakes in the UK-based fintech giant was led by Coatue, D1 Capital Partners, and existing investor Tiger Global.
The news comes after reports that Revolut was working with Morgan Stanley to sell about $500 million worth of existing shares.
The valuation is a significant jump on the $33 billion tag secured in an $800 million funding round in 2021 and comes after a strong 2023, which saw revenues of $2.2 billion and a record profit before tax of $545 million.
It also arrives soon after Revolut finally secured a UK banking licence after three years of work that was hampered by issues over compliance, its repeated failure to file accounts on time and the sheer size of the business, which now claims over 45 million customers worldwide.
The licence will allow Revolut to build up its deposit base and offer products like loans, mortgages and credit cards alongside its existing e-money services, representing a serious threat to the established hegemony.
Nik Storonsky, CEO, Revolut, says: "We’re delighted to provide the opportunity to our employees to realise the benefits of the company's collective success."
Meanwhile, the new UK government is hoping to convince Revolut to pick London ahead of New York for a potential initial public offering, according to the Financial Times.
City minister Tulip Siddiq is set to meet the company in the autumn, says the FT. Previously, Storonsky has hinted that the firm would opt to list on the Nasdaq.