British-Ukrainian fintech company Revolut has launched a secondary sale of its shares, valuing it at $75 billion. Company employees can purchase shares at $1,381.06 per share.
British-Ukrainian fintech company Revolut has launched a secondary sale of its shares, valuing it at $75 billion. Company employees can purchase shares at $1,381.06 per share.
Revolut has become one of the most valuable European fintech companies founded in the last decade with an exclusively digital model. Last year alone, its valuation was $45 billion, writes Bloomberg.
«As part of our commitment to our employees, we regularly provide them with the opportunity to access liquidity. A secondary sale of shares to employees is currently underway, and we will not comment on this until it is completed,» a Revolut spokesperson said.
Secondary share sales allow private companies to allow existing investors to sell their shares to others without having to issue new shares. With the IPO market largely dormant for much of the past three years, a number of prominent fintech companies, including Stripe, have turned to private share sales to provide employees with much-needed liquidity.
Revolut more than doubled its annual profit in April, driven by strong cryptocurrency trading, interest income and card fees, and said it plans to launch as a UK bank this year.
Recall that Revolut launched in Ukraine on February 11 with a limited range of services, as it did not have a license. The company plans to obtain a local license by the end of 2025, but registration of Ukrainian users has been available since the launch.
On February 27, the National Bank of Ukraine announced that the neobank Revolut was operating in Ukraine without a license. The company responded that it had informed the regulator about its plans to operate in the Ukrainian market.
In early April, it became known that Revolut had suspended registration of new Ukrainian users. However, current Revolut customers can continue to use the services without any changes.
«I would like to note that Revolut fully accepts the position of the National Bank on this issue. A corresponding supervisory dialogue is taking place between our teams. I will not go into the details of its progress, but I can say that the work is ongoing, and I do not see any alarming signals at the moment,» said Andriy Pyshny, Chairman of the National Bank of Ukraine, in early August.
