This transaction is designed to provide liquidity for Revolut's employees, enabling them to benefit from the company's growth. The funding round is led by Coatue, D1 Capital Partners, and current investor Tiger Global. The current valuation reflects Revolut's recent financial performance and progress in meeting its strategic goals. For the year 2023, Revolut reported USD 2.2 billion in revenue, marking a 95% increase from the previous year, along with a profit before tax of USD 545 million.
The company's positive performance has continued into the first half of 2024, with revenue growing by over 80% and enhanced profitability. Revolut is also reported as the fastest-growing finance app in 19 markets and is projected to exceed 50 million customers by the end of 2024.
Revolut officials remarked on the significance of the secondary share sale for employees, noting their contributions to the company's success and its position as a leading private technology firm in Europe. They also expressed enthusiasm about collaborating with new investors who align with the company's vision for transforming the banking sector.
Representatives from Coatue highlighted the company's global mission and Revolut's success in scaling operations across multiple markets. They emphasised the company’s commitment to innovation and financial inclusion and expressed support for Revolut’s ongoing efforts to reshape the global banking industry.
This development is part of Revolut’s broader momentum this year, as the company has recently acquired a banking licence in Mexico and obtained a UK banking licence (Authorisation with Restrictions) in July. In order to be able to finalise its UK banking operations before launching in full, Revolut has entered a ‘mobilisation,’ stage, also known as authorisation with restrictions. This means that customers will not experience any service disruptions and will be able to use their Revolut accounts as usual.
Revolut has also introduced new products, including the RevPoints Loyalty Programme, eSIMs, and the Revolut X crypto exchange.
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