Employees at Revolut are set to share a $500 million windfall by selling stock in the financial technology company in a deal that values the business at $45 billion.
The shares sale burnishes Revolut’s reputation as the crown jewel of Britain’s financial technology sector by boosting its valuation from the $33 billion figure placed on the group during a fundraising exercise three years ago.
It also allows staff at the London-based company, which recently obtained a UK banking licence, to crystallise gains they have enjoyed from its rapid growth. Only existing employees of the privately owned Revolut who have been with the business for at least a year are being allowed to sell shares as part of the transaction.
More than 10,000 people worldwide