Pomegra
Revolut closed a secondary share sale at a $115B valuation, up 53% from $75B in November 2025, led by five investors and with no fresh capital raised.
Key Takeaways
- Revolut completed a secondary sale at $115B, led by Glade Brook, Coatue, Durable, T. Rowe Price and Baillie Gifford.
- The company raised no fresh capital; existing shareholders, including employees, sold stock.
- The valuation is 53% above the $75B mark set in November 2025 and about 2.5 times the $45B of 2024.
Lead
Revolut confirmed on November 4, 2026 that it has completed a secondary share sale valuing the London-based fintech at $115 billion. Glade Brook Capital Partners, Coatue, Durable Capital Partners, T. Rowe Price and Baillie Gifford led the transaction. Shares changed hands at about $2,017 each, and the company took in no new money.
The price was first reported in July 2026, when the sale was still under way and targeted at least $750 million of stock. The completion announcement puts Revolut ahead of every other privately held European technology company by valuation.
What Happened in the Revolut Share Sale?
Existing shareholders, including current employees, sold shares to a group of mostly public-market growth investors. The company issued no new stock, so the $115 billion figure prices ownership transfers, not a capital injection. Revolut has not disclosed the total value of shares sold in the completed deal.
This is the latest in a series of employee-liquidity events. The prior sale closed in November 2025 at $75 billion, with Coatue, Greenoaks, Dragoneer and Fidelity Management & Research leading, and Andreessen Horowitz and Nvidia's NVentures also taking part. The 2024 sale priced the company at $45 billion.
Why Is Revolut Worth 53% More Than Eight Months Ago?
The operating numbers explain part of the jump. Revolut's 2025 annual report showed revenue up 46% to $6.0 billion and profit before tax up 57% to $2.3 billion, a 38% margin. Customers reached 68.3 million at year-end, and the company now cites more than 80 million retail customers.
The rest is a bet on licences. Revolut has won a UK banking licence and filed for a US banking charter, and its leadership has set a goal of 100 million customers. The CFO said the investor base reflects the opportunity "to build the first truly global bank."
Does a Secondary Sale Prove the Valuation?
It proves less than a primary round would. In a secondary, buyers set a price for shares that already exist, and the company does not need to issue stock to a new investor at that level. No fresh capital means no dilution, but it also means no new check was written into the business.
The buyer list carries weight, though. T. Rowe Price and Baillie Gifford run long-only mutual and pension money, and Durable and Glade Brook are concentrated growth funds. Their presence suggests the company is being priced against public fintech multiples ahead of a listing. At $115 billion on $2.3 billion of profit before tax, the multiple is roughly 50 times last year's earnings, a figure that leaves little room for a slower year.
Where Does Revolut Stand Against Banks?
The valuation exceeds that of established European lenders such as Barclays, a comparison that has become a standard reference point for the company. Founder and CEO Nik Storonsky's stake is valued at more than $36 billion at this price. No IPO is expected before 2028.
What Comes Next for Revolut?
Three milestones will test the price. The first is the US charter application, which determines whether Revolut can move from a money-transfer and card product to a full American bank. The second is the conversion of its UK licence into a lending business at scale. The third is whether growth toward 100 million customers holds at roughly the 30% annual pace seen in 2025.
If those land, the next secondary will likely price above $115 billion. If customer growth slows or the US application stalls, the sale price becomes a high-water mark that public-market investors will be asked to match at listing.
Outlook
Revolut's $115 billion valuation rests on $6.0 billion of revenue, $2.3 billion of pre-tax profit and a growing portfolio of banking licences. The lack of new capital means the company is funding growth from earnings, while early backers and staff take liquidity. The next signals are the US charter decision and the 2026 annual results, which will show whether profit growth is keeping pace with the valuation.
