"Revolut has overtaken Barclays in valuation after securing a $75 billion price tag in a major secondary share sale backed by Nvidia, cementing its position as Europe's most valuable private tech company and the standout success story of Britain's fintech sector. The deal - largely involving staff selling portions of their holdings - marks a dramatic jump from Revolut's $45 billion valuation last year. It now exceeds the market capitalisation of Barclays (£55.7bn / $73bn), as well as other UK banking giants including Lloyds and NatWest."
"The transaction attracted heavyweight investors including Coatue, Greenoaks, Dragoneer and Fidelity, while Nvidia's venture arm has taken an equity stake - a symbolic endorsement from one of the world's most influential technology firms. The deal is Revolut's fifth employee share sale and allows thousands of its more than 10,000 staff to cash in on the company's growth. Employees were permitted to sell up to 20% of their holdings, with shares priced at $1,381.06 each."
"Founded ten years ago as a low-cost currency card, Revolut has grown into a sprawling financial platform offering payments, crypto trading, share dealing, business accounts and lending across Europe, the US and Australia. Led by co-founder and CEO Nik Storonsky, Revolut now claims 65 million customers. The company generated £3.1bn in revenue and £1.1bn in pre-tax profit last year - a milestone result that has fuelled investor demand. Storonsky said the latest valuation "reflects the remarkable progress we have made in the last 12 months towards our vision of building the first truly global bank"."
Revolut reached a $75 billion valuation through a major secondary share sale largely involving staff, placing it above Barclays, Lloyds and NatWest in market value. Investors including Coatue, Greenoaks, Dragoneer, Fidelity and Nvidia's venture arm participated, while no new capital was raised. Thousands of staff were allowed to sell up to 20% of their holdings at $1,381.06 per share. Founded ten years ago as a currency card, Revolut now offers payments, crypto trading, share dealing, business accounts and lending, claims 65 million customers, and reported £3.1bn revenue and £1.1bn pre-tax profit last year. A UK banking licence application submitted three years ago has faced delays over historic accounting issues and complexity.
Read at Business Matters
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