$45B valuation — Revolut becomes Europe’s most precious private tech firmThe Next Web
$45B valuation — Revolut becomes Europe's most precious private tech firmThe Next Web
UK challenger bank blasts pasts some of Britain's oldest banks
UK fintech Revolut has been valued at $45bn following a share sale by employees, making it Europe's most valuable private tech company and shaking up the world of traditional finance.
An employee share sale is when staff sell their company shares either to the company they work for, external investors, or on the open market. In Revolut's case, its employees sold a portion of their shares to investors including Coatue, D1 Capital Partners, and Tiger Global, among others.
Revolut's new valuation puts it above the market capitalisation of most of Britain's oldest banks, including Barclays, Lloyds Bank, and NatWest. Only HSBC is valued higher. Investors in Revolut are clearly confident that the neobank has much better growth prospects than many traditional lenders.
Nik Storonsky, Revolut's CEO, said he was "delighted" that his employees could realise the benefits of the company's "collective success" via the share sale. "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," he said.
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The fresh valuation comes at a good time for Revolut. Last month, the company finally secured its UK banking licence, which allows it to provide overdrafts, loans, and savings products — just like traditional banks. In 2023, Revolut reported revenues of $2.2bn and says it is on track to surpass 50 million customers by the end of this year.
The news comes as Revolut gears up for its highly-anticipated IPO. While the British business has yet to set a date for its debut on the public market, co-founders Storonsky and Vlad Yatsenko previously indicated that they would likely list in New York. However, a listing in London is still possible, the Financial Times reports.
Story by Siôn Geschwindt
Siôn is a climate and energy reporter at TNW. From nuclear fusion to escooters, he covers the length and breadth of Europe's clean tech ecos (show all) Siôn is a climate and energy reporter at TNW. From nuclear fusion to escooters, he covers the length and breadth of Europe's clean tech ecosystem. He's happiest sourcing a scoop, investigating the impact of emerging technologies, and even putting them to the test. Siôn has five years journalism experience and holds a dual degree in media and environmental science from the University of Cape Town, South Africa.
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Source: https://thenextweb.com/news/revolut-valuation-europes-most-valuable-private-tech-company-2024
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