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 $45 billion valuation.
This secondary share sale allows 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.
This valuation reflects the strong financial performance recorded by the company in recent quarters as well as the progress made in executing its strategic objectives. In 2023, Revolut reported revenues of $2.2 billion (a year on year increase of 95%) and a record profit before tax of $545 million. The company has continued its impressive trajectory in the first half of 2024, recording an annual increase in revenue of above 80% as well as improved profitability.* Revolut is now the fastest growing finance app in 19 markets**, and is on track to surpass 50 million customers by the end of 2024.
This latest development builds on the momentum Revolut has gained throughout the year. 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, commented: “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.”
“We have a high level of conviction in Revolut’s mission to democratize access to financial services globally,” shared Philippe Laffont, Founder and Portfolio Manager, Coatue. “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.
* Based on internal management accounts (unaudited).
** Based on App Store/Google Play Store downloads as of July 2024
*** Availability varies by market.
