The UK-headquartered bank that recently received a banking licence in the country reported revenues of $2.2bn and a record profit of $545m last year.
Revolut has been valued at $45bn after a secondary share sale announced today (16 August) in which it provided liquidity to employees.
This makes the UK-headquartered digital bank one of the most valuable private technology company in Europe, ahead of some of the continent’s biggest traditional banks.
The round was led by Coatue, D1 Capital Partners and existing investor Tiger Global. Revolut said the secondary share sale allows its current employees to capitalise on their contribution to the company’s growth while attracting investors.
The valuation comes at a good time for Revolut. The bank reported revenues of $2.2bn and a record profit of $545m for 2023. It has also recorded an 80pc annual increase in revenue in the first half of this year. More than 45m people globally use the Revolut app for banking, and the company is hopeful it will reach 50m customers by the end of 2024.
“We’re delighted to provide the opportunity to our employees to realise the benefits of the company’s collective success,” said Nik Storonsky, CEO of Revolut.
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.”
Just last month, Revolut received a UK banking licence subject to restrictions from the country’s banking regulator. The bank also recently revealed it is working on a mortgage product aimed at users of the banking app in Ireland and may launch it as soon as next year.
Philippe Laffont, founder and portfolio manager at Coatue, said that his firm has a “high level of conviction” in Revolut’s mission to “democratise” access to financial services.
“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,” Laffont said.
“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.”
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