The British fintech company Revolut was worth 45 billion dollars in a secondary share sale to investors, it said on Friday, cementing its place as the most valuable private technology company in Europe.
The valuation represents an increase of more than 36% from the $33 billion valuation in 2021 and reflects “strong financial performance … as well as progress in executing its strategic objectives,” the company said in a statement.
The round was led by new investors Coatue and D1 Capital Partners, as well as existing investor Tiger Global.
The announcement confirms a deal first reported by The Wall Street Journal End of last month.
Revolut reported revenue of $2.2 billion and pre-tax profit of $545 million in 2023.
The secondary sale of shares provides employees with liquidity by allowing them to cash in part of their share holdings.
“We are pleased to give our employees the opportunity to benefit from the company’s shared success,” CEO Nik Storonsky said in a prepared statement.Their hard work, innovation and dedication have made us the most valuable private technology company in Europe.”
“We are also pleased to partner with several new investors who share our vision as we continue our journey to redefine the banking landscape as we know it,” he said.
Last month, Revolut secured its long-awaited British banking license after a three-year wait and secured a banking license in Mexico in June.
While a US banking license is a “final goal” for the company, US CEO Sid Jajodia said Fintech Nexus in January that it was not on the “immediate roadmap.”
The delay in the UK came after auditors said they could not fully verify the company’s 2021 revenue and that its share structure did not comply with Prudential Regulation Authority rules.
But with the license, the company can now accept customer deposits and offer products such as loans and credit cards.
