Revolut, the global financial technology company with over 45 million customers worldwide, has signed agreements with a group of leading technology investors to provide liquidity to employees through a secondary share sale at a $45bn valuation, making it the "most valuable private technology company in Europe".
In a statement on 16 August, Revout said the secondary share sale allowed current employees to capitalise on their contribution to Revolut’s growth, while attracting a diverse mix of both new and existing investors.
The round was led by Coatue, D1 Capital Partners, and existing investor Tiger Global.
In 2023, Revolut reported revenues of $2.2bn (a year on year increase of 95%) and a record profit before tax of $545m. in Ihe first half of 2024, it recorded an annual increase in revenue of above 80% as well as improved profitability.
Revolut said it is now the fastest growing finance app in 19 markets, and is on track to surpass 50m customers by the end of 2024.
The company secured a banking licence in Mexico, followed by the granting of its UK banking licence (Authorisation with Restrictions) in July, an important step in the company’s continued expansion both in the UK and globally.
Additionally, Revolut 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: “We’re 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 has 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.”
Philippe Laffont, founder and portfolio manager, Coatue said: “We have a high level of conviction in Revolut’s mission to democratize access to financial services globally.
“Revolut’s proven ability to scale across dozens of markets is a testament to the team’s commitment to product velocity, financial inclusion, and financial innovation. Under Nik and his team’s leadership, Revolut has navigated the complexities of the financial services landscape to deliver an impressive product suite that meets the needs of its rapidly growing customer base. We look forward to supporting Revolut as it continues to help transform the global banking industry.”
Morgan Stanley served as sole placement agent on the transaction.
