Britain’s Revolut has been valued at $45 billion through a secondary share sale to new and existing investors, the financial technology firm said today, making it worth more than some of Europe’s biggest banks.
The share sale is being led by Coatue and D1 Capital Partners, and existing investor Tiger Global, Revolut said.
“We’re delighted to provide the opportunity to our employees to realise the benefits of the company’s collective success,” said Nik Storonsky, CEO of Revolut.
“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,” he added.
The company said the $45 billion valuation reflects the strong financial performance recorded in recent quarters as well as the progress made in executing its strategic objectives.
Launched in 2015, Revolut is one of a handful of financial services apps, or “fintechs”, to have emerged in Britain in the last decade. It offers financial services via an app, rather than having physical branches.
It made a record pretax profit of 438 million pounds in 2023, helped by strong user growth and soaring interest-related income.
With a $45 billion price tag, Revolut is worth more than double French bank Societe Generale, which has a market capitalisation of $19 billion according to LSEG data, and Britain’s Barclays, currently valued at $43 billion.