Revolut Ltd. said a secondary share sale that allowed the company to give employees liquidity for their stakes valued the company at $45 billion.
The round was led by investors Coatue, D1 Capital Partners and Tiger Global, according to a statement. Morgan Stanley served as sole placement agent on the deal.
The new valuation is up from a $33 billion price tag that Revolut garnered in 2021. Unlike many of its rivals across the fintech landscape, Revolut hasn’t had to raise money in recent years, allowing it to avoid the sharp declines in valuation that many of its peers suffered as high interest rates forced investors to reconsider their support for the space.
Klarna Bank AB, for instance, was last valued at $6.7 billion valuation in a 2022 funding round, which was a far cry from the $45.6 billion valuation it received from investors just a year earlier. The Stockholm-based company is also in early talks with investors to gauge their interest in buying up existing shares of the company on the secondary market.
Revolut’s announcement caps a process where the company was in talks with investors to sell about $500 million of existing shares, Bloomberg News previously reported. It also comes just weeks after Revolut received a long-awaited banking license from UK regulators.
Coatue has a “high level of conviction” in its investment in Revolut, Philippe Laffont, founder and portfolio manager for the investment firm, said in the statement. Revolut Chief Executive Officer Nik Storonsky said he was “delighted” to provide employees with the liquidity.
— By Aisha S Gani (Bloomberg News)
