London fintech Revolut hits €65B in share sale, plans global bank

Revolut secured a €65 billion valuation after a secondary share sale, announced on Nov. 24. The London-based fintech brought in Andreessen Horowitz, Franklin Templeton and NVIDIA’s NVentures as first-time backers while advancing plans to build a global bank.

The transaction added new investors to the cap table and allowed current and former employees to sell up to 20% of their holdings. It was the company’s fifth employee liquidity event.

The new valuation rises from €39 billion reported last year, a 67% increase. At €65 billion, Revolut remains Europe’s most valuable private technology company.

For 2024, Revolut reported revenue of €3.4 billion and pre-tax profit of €1.2 billion. The customer base exceeds 65 million. The business banking unit reached €867 million in annualized revenue.

NVentures’ participation coincides with a technology collaboration aimed at expanding the firm’s use of artificial intelligence across its products, according to the company.

Revolut continues to expand its banking footprint. The company received final banking authorization in Mexico and a banking incorporation license in Colombia, and is preparing a launch in India. Management has set a target of reaching 100 million customers and operating in 100 countries by 2030, with 30 new markets in development.

CEO and co-founder Nik Storonsky: “This milestone reflects the progress we have made in the last twelve months toward our vision of building the first truly global bank, serving 100 million customers across 100 countries.”

CFO Victor Stinga: “The level of investor interest and our new valuation reflect the strength of our business model, which is delivering both rapid growth and strong profitability.”

As we reported earlier, Revolut has been weighing a dual stock market listing in London and New York following a secondary share sale that valued the company around $75 billion and let employees sell up to 20% of their holdings. The company had favored U.S. markets, but changes to UK listing rules, including more flexible share structures and faster index inclusion, prompted a reassessment. The timing of any listing could hinge on progress securing banking licenses in the UK and U.S.; Revolut has sought a UK banking license since 2021 and is evaluating a U.S. license or bank acquisition.