British fintech company Revolut has been valued at $45 billion after a share sale by its employees, making it Europe's most valuable private technology company and causing unrest in the traditional financial world.
In an employee share sale, employees sell their company shares either to the company they work for, to external investors, or on the open market. In the case of Revolut, employees sold some of their shares to investors, including Including Coatue, D1 Capital Partners and Tiger Global.
With its new valuation, Revolut is above the market capitalization of most of the UK's oldest banks, including Barclays, Lloyds Bank and NatWest. Only HSBC is valued higher. Revolut's investors are clearly convinced that the neobank has much better growth prospects than many traditional lenders.
Revolut CEO Nik Storonsky said he was “delighted” that the share sale would allow his employees to benefit from the company's “collective success.” “We are also excited to partner with several new investors who share our vision as we continue on our journey to redefine the banking landscape as we know it,” he said.
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The new valuation comes at a good time for Revolut. Last month, the company finally secured its British banking licensewhich allows the company to offer overdrafts, loans and savings products just like traditional banks. In 2023, Revolut reported revenue of $2.2 billion and said the company was on track to surpass 50 million customers by the end of this year.
The news comes as Revolut prepares for its highly anticipated IPO. While the UK company has yet to set a date for its public market debut, co-founders Storonsky and Vlad Yatsenko previously hinted that they would likely list in New York. However, a London listing is still possible, the Financial Times reports.
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