$45B valuation — Revolut becomes Europe’s most precious private tech firm

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p"]},"wordCount":"298","inLanguage":"en-US","articleBody":"UK fintech Revolut has been valued at $45bn following a share sale by employees, making it Europe\u2019s most valuable private tech company and shaking up the world of traditional finance.\u00a0\r\n\r\nAn employee share sale is when staff sell their company shares either to the company they work for, external investors, or on the open market. In Revolut\u2019s case, its employees sold a portion of their shares to investors including Coatue, D1 Capital Partners, and Tiger Global, among others.\u00a0\u00a0\r\n\r\nRevolut\u2019s new valuation puts it above the market capitalisation of most of Britain's oldest banks, including Barclays, Lloyds Bank, and NatWest. Only HSBC is valued higher. Investors in Revolut are clearly confident that the neobank has much better growth prospects than many traditional lenders.\r\n\r\nNik Storonsky, Revolut\u2019s CEO, said he was \u201cdelighted\u201d that his employees could realise the benefits of the company's \u201ccollective success\u201d via the share sale. \u201cWe\u2019re also excited to partner with several new investors who share our vision as we continue our journey to redefine the banking landscape as we\u2019ve known it,\u201d he said.\r\n\r\nThe fresh valuation comes at a good time for Revolut. Last month, the company finally secured its UK banking licence, which allows it to provide overdrafts, loans, and savings products \u2014 just like traditional banks. In 2023, Revolut reported revenues of $2.2bn and says it is on track to surpass 50 million customers by the end of this year.\u00a0\r\n\r\nThe news comes as Revolut gears up for its highly-anticipated IPO. While the British business has yet to set a date for its debut on the public market, co-founders Storonsky and Vlad Yatsenko previously indicated that they would likely list in New York. However, a listing in London is still possible, the Financial Times reports. ","dateCreated":"2024-08-16T13:55:20+00:00","description":"UK fintech Revolut has been valued at $45bn following a share sale by employees, making it Europe\u2019s most valuable private tech company and shaking up the world of traditional finance.\u00a0\r\n\r\nAn 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class="c-articles__backdrop--sticky"></div></div> <div class="c-nav__message c-nav__message--article news" style="top:0"> <p>This article was published on <strong>August 16, 2024</strong></p> </div> <header class="c-header"> <div class="o-wrapper"> <div class="c-header__text"> <ul class="c-header__tags c-tags c-tags--centered"> <li class="c-tags__tag"> <a class="c-tags__link c-article-leadtag" data-event-category="Article" data-event-action="Tags" data-event-label="Ecosystems" data-event-non-interaction="false" href="/ecosystems">Ecosystems</a> </li> </ul> <h1 class="c-header__heading"> $45B valuation — Revolut becomes Europe’s most precious private tech firm </h1> <p class="c-header__intro" > UK challenger bank blasts pasts some of Britain's oldest banks </p> <br/> <div> <time datetime="August 16, 2024 - 1:55 pm">August 16, 2024 - 1:55 pm</time> </div> </div> <div aria-hidden="true" class="c-share lg:hidden"> <a class="c-share__link c-share__link--facebook" rel="noopener" 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document.getElementsByClassName('tnw-ad-wrapper')[0]?.classList.add('ad-wrapper__growth-quarters'); </script> <div class="o-wrapper mb-4xl" > <article class="c-article js-article mt-m" id="articleOutput" style="margin-top: 0px;" > <div class="c-article__media c-article__growth-mobile"> <figure class="o-media o-media--16:9"> <img alt="$45B valuation — Revolut becomes Europe’s most precious private tech firm" class="js-lazy c-article__mediaImage w-full absolute top-0" sizes="(max-width: 1023px) 100vw 868px" data-src="https://img-cdn.tnwcdn.com/image?fit=1280%2C720&url=https%3A%2F%2Fcdn0.tnwcdn.com%2Fwp-content%2Fblogs.dir%2F1%2Ffiles%2F2024%2F07%2FUntitled-design-16.jpg&signature=0741c33d67c6b7206bae57f98cc6dd81" data-srcset="https://img-cdn.tnwcdn.com/image?fit=576%2C324&url=https%3A%2F%2Fcdn0.tnwcdn.com%2Fwp-content%2Fblogs.dir%2F1%2Ffiles%2F2024%2F07%2FUntitled-design-16.jpg&signature=fe7cdb4c79445a8a5ce8eafc3e1bd75b 576w, https://img-cdn.tnwcdn.com/image?fit=1152%2C648&url=https%3A%2F%2Fcdn0.tnwcdn.com%2Fwp-content%2Fblogs.dir%2F1%2Ffiles%2F2024%2F07%2FUntitled-design-16.jpg&signature=be097a74b7e42ae5a84c19eaafcdbf32 1152w, https://img-cdn.tnwcdn.com/image?fit=1280%2C720&url=https%3A%2F%2Fcdn0.tnwcdn.com%2Fwp-content%2Fblogs.dir%2F1%2Ffiles%2F2024%2F07%2FUntitled-design-16.jpg&signature=0741c33d67c6b7206bae57f98cc6dd81 1280w" > <noscript> <img alt="$45B valuation — Revolut becomes Europe’s most precious private tech firm" class="c-article__mediaImage w-full absolute top-0" src="https://img-cdn.tnwcdn.com/image?fit=1280%2C720&url=https%3A%2F%2Fcdn0.tnwcdn.com%2Fwp-content%2Fblogs.dir%2F1%2Ffiles%2F2024%2F07%2FUntitled-design-16.jpg&signature=0741c33d67c6b7206bae57f98cc6dd81" sizes="(max-width: 1023px) 100vw 868px" srcset="https://img-cdn.tnwcdn.com/image?fit=576%2C324&url=https%3A%2F%2Fcdn0.tnwcdn.com%2Fwp-content%2Fblogs.dir%2F1%2Ffiles%2F2024%2F07%2FUntitled-design-16.jpg&signature=fe7cdb4c79445a8a5ce8eafc3e1bd75b 576w, https://img-cdn.tnwcdn.com/image?fit=1152%2C648&url=https%3A%2F%2Fcdn0.tnwcdn.com%2Fwp-content%2Fblogs.dir%2F1%2Ffiles%2F2024%2F07%2FUntitled-design-16.jpg&signature=be097a74b7e42ae5a84c19eaafcdbf32 1152w, https://img-cdn.tnwcdn.com/image?fit=1280%2C720&url=https%3A%2F%2Fcdn0.tnwcdn.com%2Fwp-content%2Fblogs.dir%2F1%2Ffiles%2F2024%2F07%2FUntitled-design-16.jpg&signature=0741c33d67c6b7206bae57f98cc6dd81 1280w" > </noscript> <a class="c-article__mediaCredit" href="https://www.flickr.com/photos/websummit/24372817808"> <svg class="c-article__mediaCreditIcon"><use xlink:href="/assets/next/img/icons.svg#camera"></use></svg> <span class="c-article__mediaCreditText">Image by: Stephen McCarthy/Web Summit</span> </a> </figure> </div> <div class="screen-size mobile-screen" style="text-align: center"></div> <script> document.getElementsByClassName('tnw-ad-wrapper')[1]?.classList?.add('ad-wrapper__growth-quarters'); </script> <div class="c-article__main max-lg:mb-xxl"> <div class="c-richText c-richText--large" id="article-main-content"> <p><span style="font-weight: 400;">UK <a href="https://thenextweb.com/topic/fintech" target="_blank" rel="noopener">fintech</a> Revolut has been valued at $45bn following a share sale by employees, making it Europe’s most valuable private tech company and shaking up the world of traditional finance. </span></p> <p><span style="font-weight: 400;">An employee share sale is when staff sell their company shares either to the company they work for, external investors, or on the open market. In Revolut’s case, its employees sold a portion of their shares to investors including </span><span style="font-weight: 400;">Coatue, D1 Capital Partners, and Tiger Global, among others. </span></p> <p><span style="font-weight: 400;">Revolut’s new valuation puts it above the market capitalisation of most of Britain’s oldest banks, including Barclays, Lloyds Bank, and NatWest. Only HSBC is valued higher. Investors in Revolut are clearly confident that the neobank has much better growth prospects than many traditional lenders.</span></p> <p><span style="font-weight: 400;">Nik Storonsky, Revolut’s CEO, said he was “delighted” that his employees could realise the benefits of the company’s “collective success” via the share sale. “We’re also excited to partner with several new investors who share our vision as we continue our journey to redefine the banking landscape as we’ve known it,” he said.</span></p> <div class="inarticle-wrapper latest channel-cta hs-embed-tnw"><div id="hs-embed-tnw" class="channel-cta-wrapper"><div class="channel-cta-img"><img class="js-lazy" src="https://s3.eu-west-1.amazonaws.com/tnw.events/hardfork-2018/uploads/visuals/tnw-newsletter.png"></div><noscript><img src="https://s3.eu-west-1.amazonaws.com/tnw.events/hardfork-2018/uploads/visuals/tnw-newsletter.png"></noscript><div class="channel-cta-input"><p class="channel-cta-title">The 💜 of EU tech</p><p class="channel-cta-tagline">The latest rumblings from the EU tech scene, a story from our wise ol' founder Boris, and some questionable AI art. It's free, every week, in your inbox. Sign up now!</p><div id="hs-inarticle-embed"><div id="latest-inarticle-embed"></div></div></div></div></div><p><span style="font-weight: 400;">The fresh valuation comes at a good time for Revolut. Last month, the company finally </span><a href="https://thenextweb.com/news/revolut-uk-banking-license-neobanks-challenge" target="_blank" rel="noopener"><span style="font-weight: 400;">secured its UK banking licence</span></a><span style="font-weight: 400;">, which allows it to provide overdrafts, loans, and savings products — just like traditional banks. </span><span style="font-weight: 400;">In 2023, Revolut reported revenues of $2.2bn and says it is on track to surpass 50 million customers by the end of this year. </span></p> <p><span style="font-weight: 400;">The news comes as Revolut gears up for its highly-anticipated IPO. While the British business has yet to set a date for its debut on the public market, co-founders Storonsky and Vlad Yatsenko previously indicated that they would likely list in New York. However, a listing in London is still possible, the </span><a href="https://www.ft.com/content/96a29be3-97c5-4011-8c96-906a0fd8ddf2" target="_blank" rel="nofollow noopener"><span style="font-weight: 400;">Financial Times</span></a><span style="font-weight: 400;"> reports. </span></p> </div> <aside class="c-contributor latest"> <a href="/author/sion" target="_blank" rel="noopener" data-event-category="Article" data-event-action="Author" data-event-label="Siôn Geschwindt" data-event-non-interaction="false" > <img alt="Siôn Geschwindt" class="c-contributor__photo js-lazy" data-src="https://img-cdn.tnwcdn.com/image/duotone?fit=240%2C240&gradient=%23660099-%2300CCAA&url=https%3A%2F%2Fcdn0.tnwcdn.com%2Fwp-content%2Fblogs.dir%2F1%2Ffiles%2F2024%2F11%2Fheadshot-sion-2.jpg&signature=54baffa26ded259efa3d8f558315df00" > <noscript> <img alt="Siôn Geschwindt" class="c-contributor__photo" src="https://img-cdn.tnwcdn.com/image/duotone?fit=240%2C240&gradient=%23660099-%2300CCAA&url=https%3A%2F%2Fcdn0.tnwcdn.com%2Fwp-content%2Fblogs.dir%2F1%2Ffiles%2F2024%2F11%2Fheadshot-sion-2.jpg&signature=54baffa26ded259efa3d8f558315df00" > </noscript> </a> <div aria-label="Author Bio" class="c-contributor__main"> <h2 class="c-contributor__wrapper"> <span class="c-contributor__heading"> Story by </span> <span class="c-contributor__name" > <a href="/author/sion" class="latest"> Siôn Geschwindt </a> </span> </h2> <p class="c-contributor__text"> <input class="c-contributor__expandInput" id="contributorExpandInput123" name="expand" type="checkbox"> <span class="c-contributor__bio c-contributor__bio--truncated"> Siôn is a climate and energy reporter at TNW. From nuclear fusion to escooters, he covers the length and breadth of Europe's clean tech ecos <label class="c-contributor__expand ecosystems" for="contributorExpandInput123"> (show all) </label> </span> <span class="c-contributor__bio c-contributor__bio--full"> Siôn is a climate and energy reporter at TNW. From nuclear fusion to escooters, he covers the length and breadth of Europe's clean tech ecosystem. He's happiest sourcing a scoop, investigating the impact of emerging technologies, and even putting them to the test. Siôn has five years journalism experience and holds a dual degree in media and environmental science from the University of Cape Town, South Africa. </span> </p> </div> </aside> <div class="c-channel__cta" id='nl-container'> <h2 class="c-channel__ctaHeading text-dark">Get the TNW newsletter</h2> <p class="c-channel__ctaDescription text-white">Get the most important tech news in your inbox each week.</p> <div id='in-article-newsletter' style="color: #fff"></div> </div> <h2 class="alsoTaggedIn">Also tagged with</h2> <br> <ul class="c-header__tags c-tags c-tags--left"> <li class="c-tags__tag"> <a class="c-tags__link c-article-leadtag" data-event-category="Article" data-event-action="Tags" data-event-label="Fintech" data-event-non-interaction="false" href="/topic/fintech" >Fintech</a> </li> </ul> <footer class="c-article__pubDate md:flex md:justify-between"> <div> Published <time datetime="2019-02-11 12:07:00">August 16, 2024 - 1:55 pm UTC</time> </div> <a href="#" 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$45B valuation — Revolut becomes Europe’s most precious private tech firm