Digital bank Revolut is reportedly looking to become the most valuable startup in Europe with a target valuation of around $40 billion. This according to a report from the FT.
Sources that claim to be familiar with these plans reportedly told the FT that Revolut is working with Morgan Stanley in order to sell off around $500 million worth of existing shares. These would include shares that have been held by employees, in order to reach this valuation.
This update comes following an investor revaluation that took place earlier this year. It had then placed Revolut’s valuation at about $25.7 billion, which is down considerably from its 2021 valuation of approximately $33 billion.
If Revolut manages to achieve its intended valuation, then it could potentially exceed the market capitalization of NatWest and Société Générale, and even be close to matching that of the Lloyds Banking Group.
Revolut is presently dealing with uncertainty regarding its UK banking license application, which was initially submitted 3 years back.
Recently, Revolut has moved their headquarters to Canary Wharf after the Fintech revealed it would be growing its head count by 40%.
As covered in April 2024, Revolut, the global Fintech with over 8 million UK customers and 40 million globally had announced it expects to boost its global headcount by 40% in 2024.
The announcement came as Revolut reportedly “reached 10,000 employees globally and continues to grow its workforce, all whilst many other financial institutions are making job cuts or hiring freezes.”
The Fintech company claims (as of April this year) it “has over 70 roles currently advertised in the UK.”
Revolut further notes that it has grown steadily since its founding in 2015.
Revolut started the year “with just over 8,000 employees, but has reached the 10,000 milestone in little over three months.”
The financial institution plans to continue to “build out its Sales, Customer Support and FinCrime teams, for which the majority of new roles will be created.”
Francesca Carlesi, CEO of Revolut UK, commented in April 2024:
“Revolut continues to grow from strength to strength; and to support that growth it is essential that we recruit the best talent from across the industry. 10,000 employees is an exciting milestone but we’re not stopping there. We are delighted to be expanding across our global markets, including the UK, with hundreds of new roles across a range of specialities, all at a time when others are cutting back.”
They added:
“As our home market, the UK is at the centre of Revolut’s growth, and is an integral part of not only the company’s expansion locally but also internationally. We look forward to welcoming the next batch of Revoluters over the next few months to help build Revolut across the globe.”