British fintech Revolut was valued at $45 billion in a secondary share sale with investors, the company said Friday, staking its place as the most valuable private tech firm in Europe.
The valuation marks a more than 36% increase over its $33 billion valuation in 2021, and reflects “strong financial performance … as well as the progress made in executing its strategic objectives,” the firm said in its statement.
The round was led by new investors, including the venture capital firms Coatue and D1 Capital Partners, along with its existing investor Tiger Global.
The announcement confirms news reported by The Wall Street Journal late last month.
Revolut reported $2.2 billion in revenue in 2023, with $545 million profit before tax.
The secondary share sale provides liquidity for employees, allowing them to cash out some of their holdings.
“We’re delighted to provide the opportunity to our employees to realise the benefits of the company’s collective success,” said CEO Nik Storonsky in the statement. “It’s their hard work, innovation, and dedication that has driven us to become the most valuable private technology company in Europe.”
Last month, Revolut secured its long-awaited U.K. banking license after a three-year wait, and in June secured a banking license in Mexico.
While a U.S. banking license is an “eventual ambition” for the firm, U.S. CEO Sid Jajodia told Fintech Nexus in January that it’s not on its “immediate roadmap.”
Its delay in the U.K. came after auditors relayed that they couldn’t fully verify the firm’s 2021 revenue and that its share structure was found to be inconsistent with Prudential Regulation Authority rules.
But now with the license, it can take customer deposits and offer products such as loans and credit cards.