Revolut value estimated to top $40 billion

Financial technology firm Revolut could be valued at over $40 billion in an upcoming share sale, despite still awaiting a UK banking licence.

The digital finance app is collaborating with bankers on a $500 million share sale, including shares held by employees, potentially pushing its valuation beyond $40 billion, as reported by the Financial Times.

This would surpass the $33 billion valuation achieved during a 2021 fundraising round. Revolut applied for a UK banking licence over two years ago.

The UK’s fintech industry has experienced a funding crunch in recent years, with lofty pandemic-era valuations facing scrutiny as investors become more cautious.

Ranked as the UK’s most valuable start-up, Revolut is one of several financial services apps to have emerged in Britain over the last decade, providing financial services without physical branches.

Founded in 2015, Revolut has 40 million customers worldwide, including 9 million in Britain and over 2.8 million in Ireland.

The firm plans to expand its workforce to 11,500 by the end of 2024.

via FT