A Share Sale Focused on People, Not Capital
Revolut's latest share sale has valued the company at an impressive $75 billion, positioning it as one of the world's most valuable fintech firms. What makes this event particularly noteworthy is not just the valuation itself, but the mechanism through which it was achieved. Unlike traditional fundraising rounds where a company seeks new capital for operational needs, Revolut's situation was different. Major investors stepped in to purchase existing shares, rather than injecting fresh funds. This provided a rare opportunity for employees to achieve liquidity, unlocking the value they have helped to build within the company.
The strong interest from prominent investment firms, including Coatue, Dragoneer, Greenoaks, and Fidelity, who led the bidding war, alongside others like a16z, Franklin Templeton, T. Rowe Price, and Nvidia's investment arm, signals a significant level of confidence. For a private company, such a lineup of investors participating in a secondary sale resembles a pre-Initial Public Offering (IPO) surge. Revolut's internal records indicate that this is the fifth instance where employees have been offered liquidity options, a practice that is uncommon in the tech sector and particularly rare within the fintech industry.
Building a Global Digital Banking Ecosystem
The substantial valuation achieved by Revolut is a direct result of its strategic evolution over the past two years. The company has transformed from a crypto-friendly payment application into a comprehensive digital banking ecosystem with an increasingly global reach. Recent licensing approvals in Mexico and Colombia, along with preparations for market entry into India, underscore Revolut's ambition to operate not just within the UK or EU, but as a borderless financial infrastructure provider.
The company's financial performance supports this growth trajectory:
- •Projected revenue for 2024 stands at $4 billion.
- •Profit before tax has seen a significant increase of 149%, reaching $1.4 billion.
- •The user base is expected to exceed 65 million retail users by 2025.
- •The business division is generating $1 billion in annual revenue.
Revolut has achieved a scale and presence that places it in direct competition with established legacy banks, all accomplished without the need for a physical branch network.
Crypto Integration: From Experiment to Core Offering
Initially viewed as an experimental venture, Revolut's cryptocurrency services have now become a fundamental component of its business model. Following the acquisition of a MiCA license from Cyprus in October, Revolut obtained the authorization to offer regulated crypto services across all 30 countries within the European Economic Area. This level of regulatory approval is a significant achievement, as many global exchanges are still striving to attain similar authorizations.
Within Revolut, cryptocurrency is no longer an ancillary feature; it has evolved into a strategic driver for user acquisition and cross-border revenue generation.
Anticipation Builds for a Public Market Debut
The substantial private valuation of $75 billion naturally leads to speculation about Revolut's potential public market debut. Reports from The Times suggest that the company is considering a dual listing strategy, potentially on both the London and New York stock exchanges. Such a move would aim to maximize liquidity and appeal to a broad range of European and American investors.
If this IPO materializes, Revolut would undoubtedly be recognized as one of the largest fintech listings in history.
A New Wave of Crypto-Finance Company Listings
Revolut's trajectory aligns with a broader trend of digital-asset-linked firms preparing to enter the public markets. Circle completed its IPO in June, followed by Gemini and Figure in September. The pipeline for further listings is active, with companies such as Bitgo, Kraken, and Grayscale also reportedly in various stages of the IPO process.
Industry analysts anticipate a significant increase in crypto-finance IPOs in 2026. Revolut's recent valuation serves as a strong indicator that the fintech and cryptocurrency sectors are no longer niche markets but are increasingly becoming integrated into the mainstream financial landscape.