In a recent development on March 29, 2024, captured in Krakow, Poland, British financial technology company Revolut hit a new high with a valuation pegged at $45 billion after a secondary share sale involving new and existing investors.
The company said the valuation reflects its strong financial results in recent periods and its progress toward achieving strategic objectives. The investment round was led by Coatue, D1 Capital Partners and Tiger Global, an existing stakeholder, although details of the total shares sold were not disclosed.
This valuation marks a significant increase from the $33 billion valuation reached in July 2021, demonstrating substantial growth. “It is a proud moment to allow our team members to share in the fruits of our collective efforts,” commented Nik Storonsky, CEO of Revolut. He added: “We are thrilled to align with new investors who are committed to our vision of disrupting banking.”
The announcement comes on the heels of Revolut securing a limited banking licence in the UK, a milestone that concludes a three-year effort since their initial application in 2021. The process encountered hurdles, primarily related to the company’s shareholding structure, which did not meet the requirements set by the UK’s Prudential Regulation Authority. These issues have since been resolved.
With this new license, Revolut is ready to accept deposits from customers and offer products such as loans and credit cards, laying the foundations for the establishment of its banking regulatory framework in the UK in anticipation of its official banking launch.
