Revolut secures €41bn valuation in share sale by staff

The fintech, which now has more than 2.8 million Irish customers and employs around 175 people in Ireland, said the valuation “reflects the strong financial performance recorded by the company in recent quarters as well as the progress made in executing its strategic objectives”.

Revolut has secured a $45bn (€41bn) valuation as part of a share sale by staff, cementing its status as Europe’s most valuable start-up.

The firm announced on Friday that Coatue, D1 Capital Partners and Tiger Global were among the institutional investors who participated in the secondary share sale, with Morgan Stanley serving as the sole placement agent on the transaction.

The sale gives Revolut a higher valuation than the one it achieved in 2021 when it completed a fundraising round led by SoftBank and Tiger Global.

The fintech, which now has more than 2.8 million Irish customers and employs around 175 people in Ireland, said the valuation “reflects the strong financial performance recorded by the company in recent quarters as well as the progress made in executing its strategic objectives”.

The company said it has continued its "impressive trajectory" in the first half of 2024, recording an annual increase in revenue of above 80% as well as improved profitability. It added that it expects to exceed 50 million customers by the end of this year.

“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.”

In 2023, Revolut overall revenue almost doubled, rising to €2.1bn following a surge in customer numbers and deposits. The fintech posted a record pre-tax profits totalling €503m last year, with its net profit rising by €7m to €398m.

The move comes just one month after the firm finally secured a UK banking licence with restrictions, ending a three-year wait with regulators.