Revolut completes secondary share sale at USD 115bn valuation
Europe's highest-valued private tech company priced a secondary at USD 115bn, up from about USD 75bn a year earlier, as it prepares a US bank launch in 2027.
London-based fintech Revolut has completed a secondary share sale that values the company at USD 115 billion, confirming its status as Europe's highest-valued private technology company. The round was led by Glade Brook Capital Partners, Coatue, Durable Capital Partners, T. Rowe Price and Baillie Gifford.
TechCrunch reported that the price tag is about 53% above the roughly USD 75 billion secondary last year. No fresh primary capital went into the company: existing employees and investors sold shares. Revolut did not disclose how much stock changed hands.
A secondary, not a primary raise
According to Tech.eu, the sale allowed employees and existing investors to cash in equity at about USD 2,017 a share. Revolut framed the transaction as support for employee ownership as it works toward a target of 100 million customers. CEO and founder Nik Storonsky said employee ownership has been central to the culture from day one. CFO Victor Stinga said investor confidence reflects the chance to build a truly global bank.
The distinction matters for European founders watching late-stage marks. A secondary can reprice the cap table and create liquidity without expanding the balance sheet. It also resets the reference for later IPO talk without adding operating cash.
Banking licences and the US path
TechCrunch reported that Revolut has more than 80 million retail customers across more than 40 countries. It has banking operations across Europe and, this year, launched banks in the United Kingdom, Mexico, Australia and New Zealand, and secured licences in France, Colombia and Argentina. The company has conditional approval from the US Office of the Comptroller of the Currency to establish a national bank, which it plans to launch in the first half of 2027 subject to final regulatory approval.
On profitability, TechCrunch cited 2025 revenue of USD 6 billion with profit margins of 38%. Revolut Business, available across Europe, the UK, Singapore, Australia, New Zealand and the US, processes more than GBP 36 billion in transactions a month and generates more than GBP 950 million in annualised revenue, according to figures the company gave TechCrunch.
IPO timing remains open
Storonsky has discussed a dual listing in New York and London with a preference for a primary US listing. Coverage around the secondary pointed to an IPO no earlier than 2028, depending on markets, and to speculative talk of a much higher public mark. Those figures remain market rumour rather than a priced offer.
Employee liquidity and investor mix
Tech.eu reported that long-standing partners and new global investors joined the lead group. Revolut declined to publish the secondary's total notional, which is common when the point of the trade is a valuation mark and selective liquidity rather than a marketed primary raise.
For staff who held paper at the earlier USD 45 billion and USD 75 billion marks, the USD 115 billion price creates a clearer path to realise gains without waiting for an IPO. That matters in European fintech, where public listings have been scarce and secondary programmes have become a substitute for exchange liquidity.
Business banking is another under-appreciated driver. TechCrunch reported that the division accounts for about 20% of gross profit, holds more than GBP 18 billion in customer deposits, and aims to grow from more than 800,000 business customers toward a million by 2027, with expansion plans floated for Mexico, Brazil and India.
Why it matters for European founders and investors
A USD 115 billion private mark for a London-built consumer and business banking platform is a rare European reference point against US mega-rounds. It also shows how secondary liquidity can keep talent and early backers aligned while the company delays a public listing. For related European fintech and growth-stage coverage, see Monzo's Spain launch and our leaders section.
Investors should still separate headline valuation from primary capital raised. This sale did not fund new product build; it redistributed existing equity at a higher mark after licence wins.
What happens next
Revolut will keep expanding banking and business products, pursue the US national bank launch in the first half of 2027 if final approvals land, and leave any IPO timing dependent on markets and regulation.
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