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Investors in fintech giant Revolut are pushing for a secondary share sale at a $60 billion valuation, a sharp increase from the $45 billion valuation in a similar sale just six months ago, Bloomberg reported.
Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko as a financial travel app, Revolut has since expanded into business banking, insurance, savings, and stock trading. The latest push for a higher valuation comes as existing shareholders are interested in offloading some of their shares.
The move comes as Revolut prepares for a potential public listing, which is more likely to take place in New York rather than London. However, Bloomberg reported that an IPO is unlikely before 2026, with company leadership leaning towards a U.S. listing.
Meanwhile, Revolut is expanding into private banking for high-net-worth individuals (HNWIs), putting it in direct competition with firms like UBS and Morgan Stanley. Job listings on its website confirm plans to develop a banking service catering to clients with over $1 million in liquid assets.
Additionally, Revolut obtained a UK trading license from the Financial Conduct Authority (FCA), allowing it to trade UK and European stocks and exchange-traded funds (ETFs). The move broadens the London-based fintech company’s services, which previously focused on U.S.-listed shares available through its app since 2019.
Revolut, seeks to expand its offerings for its 650,000 UK trading customers. The company plans to update its app to support the new services and compete with established names in the UK trading market, including Hargreaves Lansdown, AJ Bell, Trading 212, and Freetrade.
The license acquisition follows Revolut’s UK banking license approval in July after a three-year wait, resolving regulatory uncertainties that constrained its ambitions in the region.
Despite its growing portfolio, Revolut has not signaled intentions to offer Contracts for Difference (CFDs) in the UK or EU. CFDs are banned in the U.S. due to high risks, but remain a contentious financial instrument, and Revolut appears to focus on stock and ETF trading.
Revolut is also expanding its dedicated crypto exchange app, Revolut X, to users across the European Union.
Initially launched in the UK in May for professional crypto traders, Revolut X offers more advanced features compared to the standard buy-and-sell options in the original Revolut app.
Revolut X directly competes with major cryptocurrency exchanges by offering fixed trading fees of 0% for makers and 0.09% for takers, regardless of trading volume. This pricing strategy could offer a more cost-effective option for crypto traders.
The standalone platform now allows users in 30 European countries to trade over 200 tokens. With more than 40 million customers globally, the London-based digital bank aims to be a go-to platform for crypto trading.
