Revolut valuation rises to USD45B following successful share sale
Date
8/19/2024 9:13:22 AM
(MENAFN) British fintech company Revolut has achieved a new valuation of approximately USD45 billion following a successful secondary share sale involving both existing and new investors. The company highlighted that this new valuation reflects its strong financial performance in recent quarters and the advancement made in achieving its strategic goals. The share sale was led by Coatio, D1 Capital Partners, and existing investor Tiger Global. Although Revolut did not disclose the total value of the shares sold, the updated valuation represents a substantial increase from its previous valuation of USD33 billion, which was recorded in July 2021.
Nick Storonsky, CEO of Revolut, expressed excitement about the company's progress, noting that this valuation allows employees to benefit from the collective success and provides an opportunity to collaborate with investors who share the company's vision. Storonsky emphasized that this development is a testament to Revolut's ongoing efforts to redefine the banking industry. The successful share sale not only underscores the company's financial health but also highlights its growing influence in the fintech sector.
This valuation boost comes shortly after Revolut was granted a banking license in the UK, following a lengthy three-year wait since its initial application in 2021. The banking license, albeit subject to certain restrictions, marks a significant milestone for the company, positioning it for further growth and expansion. The combination of the new valuation and the recent licensing achievement reflects Revolut's continued evolution and its increasing role in the global financial landscape.
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