Revolut at $115b and not a penny of new money

This one caught my eye because Revolut has more than doubled its valuation in around two years and the round didn't actually raise anything for the company, which says a lot about how much demand there is for the shares.

Revolut has confirmed a $115b valuation after completing a secondary share sale, so existing employees and investors sold shares at around $2,017 each and no fresh capital went in. It was led by Glade Brook Capital Partners, Coatue, Durable Capital Partners, T. Rowe Price and Baillie Gifford, with long-standing partners and new global investors joining in, and Revolut didn't say how much was sold. For reference the last round of secondaries priced it at $75b last year, and $45b the year before that, so it's up 53% in a year and now Europe's highest valued private tech company.

The backdrop is the banking licences, including in the UK and Europe, and Revolut has over 80m customers now with Nik Storonsky talking about 100m next. He also pointed to employee ownership being central to the culture, which is a nice way of saying the staff just got a big payday.

What I find interesting is that this was all secondary, so the $115b is really a measure of how badly investors want in rather than how much Revolut needs the money. That makes sense for a company that keeps picking up banking licences, but the more it looks like a bank the more people are going to ask whether it should be valued like one.

Would want to know what Revolut thinks the public market will pay for a bank that still grows like a tech company.

Source: tech.eu, Revolut confirms $115BN valuation, after completing secondary sale