Revolut, the financial services company chaired by Martin Gilbert, has completed a secondary share sale that values the company at £57 billion – more than Barclays, Deutsche and NatWest.
The share sale was led by Coatue, Greenoaks, Dragoneer, and Fidelity Management & Research Company, with participation from NVentures — chip maker Nvidia’s venture capital arm.
Other investors were Andreessen Horowitz, Franklin Templeton and T. Rowe Price Associates. The transaction also provided liquidity to current employees, marking the fifth time Revolut has enabled staff to sell shares as part of its employee-ownership programme.
Revolut’s growth has turned it into one of Europe’s most discussed financial companies, serving more than 65 million customers.
Profit before tax rose to £1.1 billion last year, an increase that helped reassure investors who sought signs that the company could convert its rapid user growth into sustainable earnings.
Revolut was created by Nikolay Storonskiy and Vlad Yatsenko. Earlier this month Storonskiy changed the spelling of his name to comply with fresh identification requirements on Companies House.
He has spoken often about his belief that a global financial and technology leader could come from Europe and the company’s latest valuation supports that idea.
However, the company is still seeking to secure a full UK banking licence after spending several years in the application process. The licence would allow the company to expand its range of regulated services in its home market.
Analysts believe that approval would bolster customer trust and help Revolut compete more directly with established banks.
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