British fintech company Revolut Equivalent to $45 billion The company said on Friday it had raised the value of its shares by 100 percent in a secondary share sale with investors, solidifying its position as Europe’s most valuable private technology company.
The valuation represents an increase of more than 36% from its 2021 valuation of $33 billion and reflects “strong financial performance and progress in executing on our strategic objectives,” the company said in a statement.
The round was led by existing investor Tiger Global, as well as new investors Coatue and D1 Capital Partners.
The announcement confirms the deal that was first reported. of The Wall Street Journal At the end of last month.
Revolut reported revenue of $2.2 billion and pre-tax profit of $545 million in 2023.
Secondary stock sales provide liquidity to employees, allowing them to cash out a portion of their stock holdings.
“We are pleased to provide our employees with the opportunity to benefit from our company’s overall success,” CEO Nick Storonski said in a prepared statement.Their hard work, innovation and dedication have enabled us to become Europe’s most valuable private technology company.”
“We are pleased to partner with several new investors who share our vision as we continue our journey to redefine banking,” he said.
Last month, Revolut Long-awaited UK banking license After a three-year waiting period, the company received a banking license in Mexico in June.
While obtaining a US banking license is the company’s “ultimate goal,” US CEO Sid Jajodia said: Fintech Nexus In January, it made clear that it was not on its “immediate roadmap.”
The delay in the UK came after auditors said they were unable to fully verify the company’s 2021 profits and found its share structure breached Prudential Regulation Authority rules.
But the license allows the company to take deposits from customers and offer products such as loans and credit cards.
