Revolut Seeks $75B in Secondary Share Sale
Revolut is reportedly allowing workers to sell their holdings at a $75 billion valuation.
The most valuable FinTech in the United Kingdom informed staff members Monday (Sept. 1) that they will be permitted to sell up to 20% of their shares to make space for other investors, the Financial Times reported Monday, citing unnamed sources and a document it viewed.
Revolut’s performance in the last year “has led to further investor demand from both new and existing world-class investors,” the report said.
The sale will let workers capitalize on the growth Revolut has seen, as the company’s valuation has more than doubled in the last four years. Another share sale last year gave the company a $45 billion valuation.
“As part of our commitment to our employees, we regularly provide opportunities for them to gain liquidity,” the company said, per the report. “An employee secondary share sale is currently in process, and we won’t be commenting further until it is complete.”
In July, Revolut was aiming to secure $1 billion from investors in a private round that would value the firm at $65 billion, the report said.
The company is also focused on its international expansion plans, which could include the acquisition of a nationally chartered bank in the United States, a move that would give the company the leeway to lend in all 50 states. The company is also reportedly considering applying for a U.S. banking license of its own.
Meanwhile, Revolut is still in the process of establishing its banking presence in its home country. It took the FinTech more than three years to obtain a U.K. banking license, and while it eventually secured that permission, it still must operate under certain restrictions. The company has said it is in the final stages of this effort.
Revolut is one of several FinTechs seeking national bank charters, along with the likes of Wise, Ripple and Circle, which have applied to the Office of the Comptroller of the Currency (OCC) for national trust bank charters.
“In doing so, should the applications be approved, the charters would allow these firms to sidestep the piecemeal approach of obtaining state-by-state licenses, and in other cases (as would be seen with Wise, which is based in the U.K.), relying on correspondent banking for cross-border money movement,” PYMNTS reported in July.
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