Key Takeaways
- • Revolut completed a secondary share sale valuing the London-based fintech at $115 billion, according to the company's announcement on Wednesday, with no new capital raised.
- • The round was led by Glade Brook Capital Partners, Coatue and Durable Capital Partners, with T. Rowe Price Associates and Baillie Gifford accounts also participating alongside existing and new investors.
- • The valuation is about 53% above the $75 billion mark from a November 2025 secondary and more than double the $45 billion valuation from 2024.
- • Revolut reported 2025 revenue of $6 billion (up 46%) and pre-tax profit of $2.3 billion (up 57%), implying roughly 19x revenue and 50x pre-tax profit at the new valuation.
- • The deal underscores how late-stage private companies are using repeated employee tenders as a substitute for an IPO, giving crossover funds profitable exposure without primary dilution.
Summary
Revolut has completed a secondary share sale that values the London-based fintech at $115 billion, the company said on Wednesday. The transaction was led by Glade Brook Capital Partners, Coatue, Durable Capital Partners, and accounts managed by T. Rowe Price Associates and Baillie Gifford, with existing and new investors also taking part. Under the structure, current shareholders, including employees, sold existing shares. No new capital was raised, and Revolut did not disclose how many shares changed hands. The process began in July and had been expected to close in August.
The new valuation is about 53% above the $75 billion set in a similar secondary sale in November 2025, and more than double the $45 billion mark from 2024. Revolut reported 2025 revenue of $6 billion, up 46%, and pre-tax profit of $2.3 billion, up 57%. Against those figures, the $115 billion valuation equates to roughly 19 times revenue and 50 times pre-tax profit.
The company has more than 80 million customers. This year it began banking operations in the U.K., Mexico, Australia and New Zealand, obtained licenses in France, Colombia and Argentina, and received conditional approval from the OCC for a U.S. national bank charter.
The repeated employee tenders illustrate how late-stage private companies are using secondary transactions as a substitute for an IPO. For crossover funds such as Coatue, Durable and T. Rowe Price, such deals offer exposure to a profitable private company without primary dilution, although the price is set by a narrow group of buyers rather than a public market.
The new valuation is about 53% above the $75 billion set in a similar secondary sale in November 2025, and more than double the $45 billion mark from 2024. Revolut reported 2025 revenue of $6 billion, up 46%, and pre-tax profit of $2.3 billion, up 57%. Against those figures, the $115 billion valuation equates to roughly 19 times revenue and 50 times pre-tax profit.
The company has more than 80 million customers. This year it began banking operations in the U.K., Mexico, Australia and New Zealand, obtained licenses in France, Colombia and Argentina, and received conditional approval from the OCC for a U.S. national bank charter.
The repeated employee tenders illustrate how late-stage private companies are using secondary transactions as a substitute for an IPO. For crossover funds such as Coatue, Durable and T. Rowe Price, such deals offer exposure to a profitable private company without primary dilution, although the price is set by a narrow group of buyers rather than a public market.
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