Revolut has launched an employee secondary share sale, valuing the company at $75bn, according to reports.
According to an internal memo seen by Bloomberg, the company’s shares will be valued at $1381.06. The fintech has already fielded demand for the sale from new and existing investors, the memo shows, and would fortify Revolut’s status as Europe’s most valuable privately-held tech company.
Founded by Nikolay Storonsky and Vlad Yatsenko in 2015 as a financial travel app, attracting customers with fee-free payments across multiple currencies. It’s since expanded into business banking, kids’ bank accounts, travel insurance, savings and stock trading in its bid to become the go-to financial superapp.
Last summer, Revolut raised a secondaries round, which valued the fintech at $45bn and saw secondhand shares purchased by the likes of Coatue, D1 Capital Partners and Tiger Global.
Storonsky is set for a massive payday if he can now double the company’s valuation to $150bn, according to a recent report in the Financial Times. The CEO and cofounder has reportedly signed an outsized incentive deal, rewarding him billions of dollars should he meet his target.
A Revolut spokesperson said: "As part of our commitment to our employees, we regularly provide opportunities for them to gain liquidity. An employee secondary share sale is currently in process, and we won't be commenting further until it is complete."
