The UK-headquartered financial institution that just lately obtained a banking licence within the nation reported revenues of $2.2bn and a document revenue of $545m final yr.
Revolut has been valued at $45bn after a secondary share sale introduced right now (16 August) through which it offered liquidity to staff.
This makes the UK-headquartered digital financial institution one of the crucial beneficial non-public expertise firm in Europe, forward of a few of the continent’s largest conventional banks.
The spherical was led by Coatue, D1 Capital Companions and present investor Tiger World. Revolut mentioned the secondary share sale permits its present staff to capitalise on their contribution to the corporate’s progress whereas attracting buyers.
The valuation comes at a great time for Revolut. The financial institution reported revenues of $2.2bn and a document revenue of $545m for 2023. It has additionally recorded an 80pc annual enhance in income within the first half of this yr. Greater than 45m folks globally use the Revolut app for banking, and the corporate is hopeful it would attain 50m prospects by the top of 2024.
“We’re delighted to supply the chance to our staff to grasp the advantages of the corporate’s collective success,” mentioned Nik Storonsky, CEO of Revolut.
It’s their arduous work, innovation and dedication that has pushed us to turn out to be probably the most beneficial non-public expertise firm in Europe. We’re additionally excited to accomplice with a number of new buyers who share our imaginative and prescient as we proceed our journey to redefine the banking panorama as we’ve recognized it.”
Simply final month, Revolut obtained a UK banking licence topic to restrictions from the nation’s banking regulator. The financial institution additionally just lately revealed it’s engaged on a mortgage product geared toward customers of the banking app in Eire and should launch it as quickly as subsequent yr.
Philippe Laffont, founder and portfolio supervisor at Coatue, mentioned that his agency has a “excessive degree of conviction” in Revolut’s mission to “democratise” entry to monetary providers.
“Revolut’s confirmed capability to scale throughout dozens of markets is a testomony to the workforce’s dedication to product velocity, monetary inclusion, and monetary innovation,” Laffont mentioned.
“Beneath Nik and his workforce’s management, Revolut has navigated the complexities of the monetary providers panorama to ship a formidable product suite that meets the wants of its quickly rising buyer base.”
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