Revolut, the global financial technology company with over 45 million customers, has closed a $500 million secondary round at a $45 billion valuation. This cements Revolut as Europe’s most valuable startup, surpassing its fintech rivals and ranking it as one of the most valuable banks ahead of established players like Barclays, Société Générale and Crédit Agricole.
This valuation reflects the strong financial performance in 2023, with revenues of $2.2 billion (a year-on-year increase of 95%) with record profit before tax of $545 million and the progress made in executing its strategic objectives to become a global fintech leader.
The partnership with Mubadala (Abu Dhabi’s sovereign fund) is expected to open doors in the United Arab Emirates at a moment where Revolut submitted multiple applications in the region to become an electronic money institution following recent entry into emerging markets such as Mexico, Brazil, New Zealand and an upcoming launch in India.
Revolut considers a future IPO, and global stock exchanges are competing for its listing. While the UK government hopes to attract Revolut to London, the company’s leadership has indicated a preference for a New York listing, citing the higher liquidity there.
Sources: Revolut, Financial Times, Bloomberg
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