London-headquartered digital bank Revolut has closed a secondary share sale that values the company at $115 billion (£85 billion), the firm confirmed on Wednesday. The agreement allows current staff and early investors to sell existing stock, lifting the Revolut valuation to the highest level recorded for a private technology business in Europe.
Key points
- Revolut is now valued at $115 billion, up from $75 billion a year ago and $45 billion in 2024.
- The secondary deal did not raise fresh capital for the business, with existing equity sold at roughly $2,017 per share.
- A buyer group including Coatue, Baillie Gifford, Glade Brook Capital Partners, Durable Capital Partners and T. Rowe Price Associates led the round.
- The company reported 2025 revenue of $6 billion and pre-tax profit of $2.3 billion, serving 80 million retail customers.
How the secondary share sale works
The transaction was structured entirely as a liquidity event for existing shareholders rather than a conventional fundraising round. Revolut issued no primary shares, leaving its cash reserves unchanged while employees and early backers sold their stakes at around $2,017 per share.
Institutional buyers backed the offering. Investment firms Baillie Gifford and Coatue took leading roles in the purchase alongside Glade Brook Capital Partners, Durable Capital Partners and T. Rowe Price Associates. Several long-term backers and new international investors also bought shares. Revolut did not state the total cash value of the shares traded.
Nik Storonsky, chief executive and founder of Revolut, said: “Employee ownership has been central to our culture from day one.” Storonsky said the sale gave staff another opportunity to realise gains from the business as it works toward a target of 100 million active users.
The agreement extends a rapid revaluation of the company over the past two years. In 2024, private market trades priced Revolut at $45 billion. An employee share sale last year set the mark at $75 billion. The latest price of $115 billion more than doubles the company’s worth in roughly 24 months.
Revenue growth and profit margins
The new pricing follows sharp improvements in Revolut’s audited trading numbers for 2025. Annual revenue rose 46 per cent to $6 billion (£4.5 billion), up from the previous year.
Profitability increased at an even faster pace. Pre-tax profit climbed 57 per cent to reach $2.3 billion (£1.7 billion), which widened the bank’s pre-tax profit margin to 38 per cent. The performance places the company in a small group of large fintech firms generating substantial net earnings from retail and commercial banking.
Victor Stinga, chief financial officer of Revolut, said: “The milestones achieved this year have been several years in the making.” Stinga said the participation of new and existing backers reflected confidence in the firm’s push to create a worldwide banking network.
International banking expansion
The rise in private market value coincides with a sustained drive to win full banking authorisations across global markets. Revolut recently obtained its 34th banking licence after regulators in New Zealand cleared its application.
The company expanded its retail presence this year by launching licensed banks in the UK, Mexico and Australia. It also secured regulatory licences in France, Colombia and Argentina, and received conditional charter approval from authorities in the United States. Those authorisations build on established European banking services that already operate across 30 countries.
Securing domestic banking status allows Revolut to hold client deposits on its own balance sheet, provide statutory deposit insurance and roll out lending products directly. Operating as a licensed bank also removes the need to pay fees to third-party partner banks in key regions.
Next steps toward 100 million customers
Revolut reports that it now serves 80 million retail customers worldwide. Executive management has set a long-term goal of passing 100 million active users across more than 100 countries.
To reach that threshold, the firm is preparing full commercial operations in the United States once its conditional charter receives final clearance. The company has not announced dates for an initial public offering, relying on structured secondary sales to satisfy investor and staff liquidity demands while remaining privately held.
