Report: Revolut Planning Share Sale at $40 Billion Valuation

Revolut is reportedly planning a share sale and seeking a valuation that would be close to that of Lloyds Banking Group.

The British FinTech is seeking a valuation of greater than $40 billion as it works to sell about $500 million worth of employee shares and other existing shares, the Financial Times (FT) reported Thursday (June 20), citing unnamed sources.

Reached by PYMNTS, Revolut declined to comment on the report.

Revolut was last valued at $33 billion in a 2021 fundraising, according to the report. At that time, it raised $800 million from SoftBank’s Vision Fund 2, Tiger Global Management and other investors.

It was reported in April that a Revolut investor believed the FinTech’s value had climbed 45% at that time compared to a year earlier.

An investment trust overseen by Schroders upped its stake in Revolut, and that stake implied that the FinTech’s valuation had risen from $17.7 billion to $25.7 billion, Bloomberg News reported April 15.

That report said Schroders believed Revolut had achieved “solid progress” in the last year and named the company’s international expansion of its services as among reasons for upping its stake.

Revolut reported in December 2023 that its revenue rose to $1.1 billion in 2022, up 45% from the $786 million the company recorded in 2021.

During 2022, the FinTech saw a 105% increase in revenue from cards and interchange, a 48% rise in revenue from subscriptions and a 5,000% surge in interest income on its assets, according to a press release announcing data from its annual report for the year ended Dec. 31, 2022. It also added almost 10 million users during 2022 and recorded a 71% increase in deposits.

“We strengthened our financial position, grew our customer base, launched multiple new products, expanded into new markets, and bolstered our risk, compliance and governance infrastructure,” Revolut CEO Nik Storonsky said at the time in a press release.

The release of that audited version of 2022’s accounts came months late and followed reports that Revolut’s auditors warned that they were “unable to satisfy ourselves” about the completeness of some of the company’s revenue information for its 2021 accounts.