Revolut reaches $45billion valuation and becomes Europe's most…

Team S · 2024-08-20T08:15:58.000Z

UK fintech company Revolut has achieved a valuation of $45 billion, making it Europe’s most valuable private technology firm. This milestone was reached following a secondary share sale that allowed employees to realize the financial benefits of their contributions to the company's success. The sale attracted new and existing investors, including Tiger Global, Coatue, and D1 Capital Partners, and is expected to generate $500 million for employees. Revolut's valuation has significantly increased from $33 billion in 2021, reflecting strong financial performance with reported revenues of $2.2 billion and a profit before tax of $545 million in 2023, marking a 95% year-on-year growth. The company has also projected over 80% revenue growth for 2024 and aims to expand its user base to 50 million customers. In addition to its financial achievements, Revolut recently secured banking licenses in the UK and Mexico, allowing it to hold customer deposits and offer various financial products. This positions the company favorably as it prepares for a potential IPO, with speculation leaning towards a listing in New York, although the UK government is encouraging a London listing.

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Revolut reaches $45billion valuation and becomes Europe's most… | Newnex