Revolut confirms $115B valuation in landmark secondary share sale

The transaction prices represent an increase of more than 50% from the $75B valuation achieved through a similar process in November 2025, and more than double the $45B mark set in 2024. The sale cements Revolut's position as Europe's most valuable private company, with an implied valuation now exceeding the market capitalization of Barclays, at approximately $95B.

The structure follows the playbook Revolut has refined over successive liquidity events: rewarding early stakeholders, broadening the investor base, and establishing regular price discovery while remaining private. Previous rounds attracted investors including Coatue Management, Andreessen Horowitz, and Nvidia's venture arm.

The step-up in valuation reflects an exceptional operating trajectory. Revolut reported $2.3B in pre-tax profit for 2025, up 57% year on year, on revenue of $6B, up 46%, while its customer base has surpassed 75M globally. The transaction also follows two crucial regulatory milestones: the granting of a full UK banking license in March 2026, which unlocked lending and other balance sheet driven products in its home market, and the company's application for a banking charter in the United States, a decisive step in its North American expansion.

For the secondary market, the transaction is a defining data point. It demonstrates that the world's leading private technology companies can deliver institutional-scale liquidity and meaningful valuation step-ups entirely outside public markets, and that structured secondaries have become a core instrument of capital markets strategy rather than a stopgap before an IPO. 

With CEO Nik Storonsky having signaled that further secondary sales may precede any listing, and medium-term IPO scenarios pointing toward valuations approaching $150B, Revolut's trajectory continues to validate the case for disciplined secondary exposure to the very best late-stage private companies.

Sources: Bloomberg, The Wall Street Journal, Reuters