Revolut has confirmed a new valuation of $45 billion via a secondary market share sale, shortly after the U.K.-based neobank secured its own banking license in the U.K. and in Mexico.

The news positions Revolut as one of Europe’s most valuable private tech companies.

Founded out of London in 2015, Revolut is one of numerous fintechs that have arrived out of Europe over the past decade to challenge the big bank incumbents. Revolut offers a range of services spanning multi-currency accounts, payment and transfer services, crypto products, insurance, and more. The company has also expanded beyond the U.K. into international markets including Europe and the U.S.

Revolut has raised around $1.7 billion since its inception, its most recent tranche coming via a $800 million Series E in 2021, where it claimed a $33 billion valuation. In the intervening years against a backdrop of a global economic downturn, Revolut’s valuation reportedly dipped at various junctures, with speculation emerging last year that it may have fallen to around $20 billion.

However, as a private company, nothing was ever confirmed. But off the back of record profits this year and strong user growth with customers hitting the 45 million mark, rumors emerged that the company was seeking a valuation of around $40 billion — and that has now been confirmed.

Revolut announced a secondary share sale today designed to spur “employee liquidity,” which the company says helps them to “realise their contribution to Revolut’s growth.”

“It’s their hard work, innovation, and dedication that has driven us to become the most valuable private technology company in Europe,” Revolut CEO Nik Storonsky said in a statement.

The secondary sale included a mix of new and existing investors, with Coatue, Tiger Global, and D1 Capital Partners leading the chase.

A $45 billion valuation, alongside its recent strong financials, user metrics, and newly-acquired banking licenses, positions Revolut well as it enters the next phase in its evolution. Indeed, all eyes will be on the company’s IPO plans, with reports suggesting that it favors a U.S.-listing, though the U.K. government is looking to steer them toward domestic shores.

Revolut has confirmed a new valuation of $45 billion via a secondary market share sale, shortly after the U.K.-based neobank secured its own banking license in the U.K. and in…

UK neobank Revolut valued at $45B after secondary market sale
Image Credits: Getty / Revolut CEO Nik Storonsky

A social media spat between billionaire tech investors is raising questions about the journalistic independence of three-year-old news outfit SF Standard, after a reporter representing the outlet reached out to…

Ben Horowitz Declares War on Michael Moritz

SB 1047 has drawn the ire of Silicon Valley players large and small, including venture capitalists, big tech trade groups, researchers and startup founders.

California AI bill SB 1047 aims to prevent AI disasters, but Silicon Valley warns it will cause one

California’s bill to prevent AI disasters, SB 1047, has faced significant opposition from many parties in Silicon Valley. Today, California lawmakers bent slightly to that pressure, adding in several amendments…

California weakens bill to prevent AI disasters before final vote, taking advice from Anthropic

Journalists, researchers and politicians are mourning Meta’s shutdown of CrowdTangle, which they used to track the spread of disinformation on Facebook and Instagram. In CrowdTangle’s place, Meta is offering its…

Meta axed CrowdTangle, a tool for tracking disinformation. Critics claim its replacement has just ‘1% of the features’

The Rivian camp kitchen attracted buzz from almost the moment it appeared as a prototype in 2019 at Overland Expo West. Despite interest in the accessory, Rivian never actually sold…

Rivian launches smaller $1,400 camp kitchen, 5 years after initial demo

Featured Article

A comprehensive list of 2024 tech layoffs

The tech layoff wave is still going strong in 2024. Following significant workforce reductions in 2022 and 2023, this year has already seen 60,000 job cuts across 254 companies, according to independent layoffs tracker Layoffs.fyi. Companies like Tesla, Amazon, Google, TikTok, Snap and Microsoft have conducted sizable layoffs in the…

A comprehensive list of 2024 tech layoffs

The layoffs occurred in waves over the past two years, and as recently as the last few weeks.

3D printing stalwart Formlabs confirms ‘small number’ of layoffs

A pair of Rocket Lab-made spacecraft are about to embark on a two-step journey. The first step is the 55-hour, 2,500-mile stretch from California to the launch site at Cape…

NASA and Rocket Lab aim to prove we can go to Mars for 1/10 the price

At a price of $111 for the Sat75 X board, this is a fun and easy way to get into building a custom mechanical keyboard without breaking the bank.

CannonKeys launches a modern take on a classic mechanical keyboard with the Sat75 X

HighPost Capital, a private equity firm run by Mark Bezos, Jeff Bezos’ younger brother, and PE veteran David Moross, has launched a new venture capital arm.

Jeff Bezos’ brother’s firm has launched a debut $100M VC fund called HIPstr

California residents will soon be able to store their driver’s license or state ID in their Apple Wallet or Google Wallet apps, as the state’s government announced Thursday that support…

Apple, Google wallets will soon support California driver’s licenses

Despite the influx of U.K. users to Bluesky, other new data indicates that it’s still Meta’s Threads, not Bluesky, that’s better poised to challenge X.

Bluesky’s UK surge has had little impact on X

Welcome back to TechCrunch Mobility — your central hub for news and insights on the future of transportation. Sign up here for free — just click TechCrunch Mobility! We brought…

WeRide preps for an IPO, meet the man who built a startup pipeline at CNH and Waymo’s nightly honk-a-thon

It’s a successor to Geekbench ML.

Geekbench releases AI benchmarking app

Meta’s X rival Threads announced a number of new features today, including the ability to store multiple drafts, a way to rearrange columns on the desktop and insights into the…

Meta’s X rival Threads gains multiple drafts, audience insights and more

Franki is a social discovery and video-based review app where users can interact with a community of foodies, discover local dining spots and create their own videos showing off their…

Franki’s app rewards you for posting video reviews of local restaurants

The Startup Battlefield is one of the highlights of Disrupt, and we can’t wait to see which of the thousands of applicants will be selected to pitch to panels of top-tier…

Announcing judges for the Startup Battlefield at TechCrunch Disrupt 2024

When Keith Rabois announced he was leaving Founders Fund to return to Khosla Ventures in January, it came as a shock to many in the venture capital ecosystem — and…

From Lauri Moore to Vic Singh, venture capitalists continue to play musical chairs

Link-in-bio platform Linktree announced Thursday that it has acquired social media scheduling tool Plann for an undisclosed amount. While Sydney, Australia-headquartered Plann will continue to operate as usual for now,…

Linktree acquires social media scheduler tool Plann

Earlier this year, Bridgit Mendler surprised her fans when she announced that she was heading a new space data startup called Northwood Space. With Northwood, the former Disney star and…

Bridgit Mendler will talk about building the data highway between Earth and space at TechCrunch Disrupt 2024

AltStore PAL, an app that takes advantage of the EU’s Digital Markets Act (DMA) to bring a third-party app store to EU users, is now available for free, thanks to Epic…

Epic Games’ ‘MegaGrant’ makes EU alternative app store, AltStore PAL, available for free

Code reviews — peer reviews of code that help devs improve code quality — are time-consuming. According to one source, 50% of companies spend two to five hours a week…

CodeRabbit raises $16M to bring AI to code reviews

X, formerly known as Twitter, has announced that it’s rolling out support for passkeys on Android. The launch comes as the social network rolled out support for passkeys to all…

X begins rolling out support for passkeys on Android

Lockheed, which holds a 28.3% stake in Terran Orbital, will take the satellite maker private in a deal that’s expected to close before the end of 2024.

Lockheed Martin to buy satellite maker Terran Orbital in $450M deal

Waymo regularly takes its autonomous vehicles on winter road trips to test the cars in snowy environments. In 2017, it was Michigan. Last year, it was Buffalo.  This year, Waymo…

Waymo to double down on winter testing its robotaxis

Ferretly leverages AI to scan social media and publicly available online data to uncover potential risks and behaviors that traditional background checks may overlook.

AI social media vetting startup Ferretly secures $2.5M, launches election personnel screening tool

Prytek had already been a big investor in TipRanks since 2017, most recently leading a $77 million round in the company in 2021.

TipRanks, an AI-based stock tip evaluator created after its founder got burned by bad advice, sells for $200M to Prytek

Swedish fintech giant Klarna is rolling out two new products on Thursday that could make its buy now, pay later offerings more enticing to use.  The company is offering consumers…

Klarna takes on banking with new savings, cash-back offerings

Featured Article

Cockroach Labs shakes up its licensing to force bigger companies to pay

Cockroach Labs, the business and core developer behind the eponymous distributed SQL database known as CockroachDB, is changing its licensing once again — five years after it moved on from an open source model. The company revealed today that it’s consolidating its self-hosted product under a single enterprise license, a…

Cockroach Labs shakes up its licensing to force bigger companies to pay

Read More

Spread the love