Revolut Valued at US$75bn in Secondary Share Sale

Revolut has completed a secondary share sale valuing the London fintech at US$75bn, up from US$45bn in 2024. The deal establishes the 10-year-old company as Europe's most valuable financial technology firm.

Coatue, Greenoaks, Dragoneer and Fidelity Management & Research Company led the transaction. Participants included Andreessen Horowitz, Franklin Templeton, T Rowe Price Associates and Nvidia's venture capital arm NVentures.

The private market valuation surpasses the market capitalisation of publicly listed banks including Barclays, Societe Generale, Deutsche Bank, Lloyds and Natwest. Revolut was valued at US$33bn in 2021 before reaching US$45bn last year.

Profit growth attracts investors

Founded by CEO Nik Storonsky and Chief Technology Officer Vlad Yatsenko, Revolut has accumulated more than 65 million customers. The company reported pretax profit of £1.1bn (US$1.4bn) last year, up 149% from the previous period.

“The level of investor interest and our new valuation reflect the strength of our business model, which is delivering both rapid growth and strong profitability,” Victor Stinga, Revolut's CFO, says. “We welcome onboard a series of world-class investors and look forward to working with them for the next stage in Revolut's evolution.”

The fintech provides checking and savings accounts, international money transfers, cryptocurrency and stock trading, alongside payment and budgeting tools. The company has committed US$13bn towards expansion plans targeting 100 million customers.

Revolut is preparing to enter 30 new markets, requiring regulatory authorisations in each jurisdiction. The expansion involves navigating different regulatory frameworks across geographies.

UK banking licence eludes fintech

Storonsky has stated that securing a full UK banking licence represents his primary objective. The company continues to operate without this authorisation after a multi-year application process.

Revolut missed a deadline for its 12-month mobilisation period in July. Chancellor Rachel Reeves reportedly attempted to arrange a meeting between financial regulators and Revolut to progress the licensing application, but Bank of England governor Andrew Bailey blocked the proposal.

The company invested £3bn (US$3.9bn) in its global headquarters in London last month. Storonsky relocated his primary residence from London to Dubai last year, with the updated residency recorded in Companies House filings.

Revenue model under examination

Revolut generates substantial revenue from customers trading cryptocurrencies and from income earned through higher interest rates. Average customer deposits remain lower than those held by traditional banks. 

The company acknowledges that too few customers use Revolut as their primary banking account.

The fintech plans to compete with established lenders by expanding into consumer credit, mortgages and business loans. This direction represents a shift towards traditional banking products.

Revolut is examining the acquisition of a US bank to accelerate American market growth. 

This would provide regulatory infrastructure and potentially faster entry than building operations independently.

The transaction offered current employees the opportunity to sell holdings, marking the fifth time Revolut has provided staff such access. 

Storonsky recently changed the spelling of his name in Companies House filings to comply with updated identification requirements.

“I'd like to thank our team for their determination and energy, and for believing that it is possible to build a global financial and technology leader from Europe,” Storonsky says.