Revolut Employees to Benefit from $500 Million Stock Sale Amid Rising Valuation
- Revolut staff share in a $500 million windfall through the sale of employee shares.
- The financial technology group, Revolut, recently valued at $45 billion, received a UK banking license.
- There are reports that the UK Treasury is encouraging Revolut to list in London instead of New York.
Employees at Revolut are poised to share in a $500 million windfall through a stock sale that values the financial technology company at $45 billion. This marks a significant increase from the $33 billion valuation during a fundraising round three years ago. The share sale is exclusive to existing employees who have been with the company for at least a year, totaling over 10,000 individuals worldwide. This transaction solidifies Revolut's status as the most valuable startup in Europe. The stock sale comes as Revolut is reportedly being courted by the UK Government, which is eager to persuade the company to list on the London Stock Exchange instead of opting for a float on the Nasdaq in New York. Investment firms such as Coatue and Tiger Global are among the primary buyers of the shares, with Revolut's CEO Nikolay Storonsky emphasizing that the sale allows employees to benefit from the company's collective success. Revolut has not needed to raise additional funds since its last fundraising round in 2021, allowing it to avoid the valuation declines faced by many fintech companies amid a broader investment downturn. The recent valuation increase adds urgency to discussions between the Treasury and Revolut, as City minister Tulip Siddiq aims to encourage the company to consider a London listing. Additionally, the share sale follows Revolut's recent acquisition of a UK banking license, enabling it to hold customer deposits and offer various lending products. Investors have praised Revolut for its ability to navigate the financial services landscape effectively, further enhancing its reputation in the industry.