What happened
Investors in Revolut have completed a secondary sale of shares that puts the British fintech's value at $115 billion, TechCrunch reported. The figure is 53% above the valuation set in a similar sale a year earlier. Because existing shares changed hands, Revolut itself raised no fresh capital, and the company did not disclose the volume of stock involved.
Coatue, Baillie Gifford, Glade Brook Capital Partners, T. Rowe Price Associates and Durable Capital Partners were among the investors leading the deal. It comes as Revolut gets ready to open a national bank in the U.S. after winning conditional approval from the Office of the Comptroller of the Currency. The company is targeting the first half of 2027 for that launch, pending final regulatory sign-off.
James Gibson, who leads Revolut Business and is a partner at the company, said the business banking division makes up about 20% of gross profit. The company said the unit processes over £36 billion of transactions monthly and brings in more than £950 million on an annualized basis, with customer deposits topping £18 billion. Gibson said Revolut aims to go from over 800,000 business clients to a million by 2027 and to expand into Mexico, Brazil and India, without giving a timeline.
Context
Nik Storonsky and Vlad Yatsenko started Revolut in 2015 as a money-transfer app. It now serves over 80 million retail customers in more than 40 countries. This year it opened banks in Australia, New Zealand, Mexico and the U.K., and obtained licenses in France, Colombia and Argentina. Storonsky has considered listing shares in both London and New York, favoring the U.S. for a primary listing, with an IPO not expected before 2028.
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