UK fintech firm Revolut valued at $45B after secondary share sale

People pose for a photograph on the banks of the River Thames with The Palace of Westminster and Elizabeth Tower (more commonly known by the name of the bell in the clocktower, ‘Big Ben’) seen behind, in London on October 26, 2022. (Photo by Niklas HALLE’N / AFP)

London, United Kingdom — British fintech company Revolut announced Friday it had been valued at $45 billion following a secondary share sale, which it said cemented “its position as the most valuable private technology company in Europe”.

The company, founded in 2015, has been a leader in rolling out financial services to customers via smartphones, initially focusing on allowing clients to easily exchange currencies and make transfers.

Revolut said Friday it had “signed agreements with a group of leading technology investors to provide liquidity to employees through a secondary share sale at a $45 billion valuation.”

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Coatue, D1 Capital Partners, and existing investor Tiger Global had invested in the funding round, which Revolut said allowed current employees to “capitalise on their contribution to Revolut’s growth”.

Revolut announced at the end of July that it had received a UK banking license “with restrictions” from UK industry regulator PRA, a key step in getting long-awaited recognition as an official bank in its home country.

Revolut has had a banking licence in eurozone member state Lithuania since 2021.

Revolut almost doubled its revenues to £1.8 billion ($2.3 billion) last year, with a profit of £344 million, according to its annual report published in July.

It has benefitted in particular from a sharp rise in its customer base, with 12 million new customers gained last year, taking its total to 38 million by the end of December.

It has since grown to 45 million at the last count in June.