Revolut announces secondary share sale to provide liquidity to employees

Revolut, the global financial technology company with over 45 million customers worldwide, has signed agreements with a group of leading technology investors to provide liquidity to its employees through a $45 billion secondary share sale.

This secondary share sale allows current employees to benefit from their contribution to Revolut’s growth, while attracting a diverse mix of new and existing investors. The round was led by Coatue, D1 Capital Partners and existing investor Tiger Global.

This rating reflects the company’s strong financial performance in recent quarters as well as progress in executing its strategic objectives. In 2023, Revolut reported revenue of $2.2 billion (a 95% increase year-on-year) and record pre-tax profit of $545 million. The company has continued its impressive trajectory in the first half of 2024, reporting a year-on-year increase in revenue of over 80% and improved profitability. Revolut is now the fastest-growing financial app in 19 markets and is on track to surpass 50 million customers by the end of 2024.

This latest development builds on the momentum Revolut has gained throughout the year. The company secured a banking license in Mexico, followed by the granting of its UK banking license (authorization with restrictions) in July, a key step in the company’s continued expansion both in the UK and globally. In addition, Revolut announced the launch of several new products, including the RevPoints loyalty program, eSIMs and the Revolut X crypto exchange.

Nik Storonsky, CEO of Revolut, commented: “We are excited to give our employees the opportunity to benefit from the company’s shared success. Their hard work, innovation and dedication have made us Europe’s most valuable private technology company. We are also pleased to partner with several new investors who share our vision as we continue on our journey to redefine the banking landscape as we know it.”

“We firmly believe that Revolut will democratize access to financial services worldwide,” said Philippe Laffont, founder and portfolio manager, Coatue. “Revolut’s proven ability to scale across dozens of markets is a testament to the team’s commitment to product speed, financial inclusion and financial innovation. Under the leadership of Nik and his team, Revolut has navigated the complexities of the financial services landscape and delivered an impressive range of products to meet the needs of its rapidly growing customer base. We look forward to supporting Revolut as it continues to contribute to the transformation of the global banking industry.”

Morgan Stanley acted as sole placement agent in the transaction.