Summary

• Revolut's latest completed secondary share sale values the business at $115bn, compared with $75bn in November 2025.
• The transaction involved existing shares rather than providing fresh operating capital to the company.
• Revolut reports more than 80 million retail customers and $2.3bn in 2025 pre-tax profit, alongside expansion into additional banking markets.

British financial technology company Revolut has completed a share transaction establishing a $115 billion valuation, a substantial increase from the $75 billion figure agreed during its previous employee liquidity programme in November 2025.

The latest transaction, confirmed on 4 November, was led by Glade Brook Capital Partners, Coatue, Durable Capital Partners, T. Rowe Price Associates, and Baillie Gifford. The price represents an increase of approximately 53% in the company’s private-market valuation over the intervening year.

Although Revolut describes the transaction as a completed fundraising process, contemporary reporting identifies it as a secondary share sale. Existing shareholders, including employees and investors, sold ownership stakes to buyers rather than the company issuing new shares to finance its operations.

The distinction separates the headline valuation from Revolut’s resources for expansion. A secondary transaction can establish a new price for ownership and provide liquidity to existing shareholders without delivering an equivalent amount of additional capital to the business.

Banking expansion supports investor expectations

Revolut now reports more than 80 million retail customers and operates across numerous international markets. Its services extend beyond the international payments and foreign exchange products associated with its early development to include banking accounts, savings, investments, cards, and financial products for businesses.

The company says it has launched banks in the UK, Mexico, Australia, and New Zealand during 2026, while securing banking licences in France, Colombia, and Argentina. It has also received conditional approval from the US Office of the Comptroller of the Currency for a national bank charter.

These developments establish a broader regulatory foundation, but authorisation does not mean every planned financial service is already available in each country. Banking launches involve operational systems, customer protection requirements, financial crime controls, and supervisory obligations that differ between jurisdictions.

Revolut’s existing European operations span 30 European Economic Area markets, providing a regional base for its wider growth strategy. International expansion adds opportunities to attract customers and distribute new products, although it also requires investment in compliance, customer support, technology resilience, and local operations.

The US represents a potentially substantial market, but an initial conditional regulatory approval is not equivalent to a fully operating nationwide banking business. Revolut will need to satisfy applicable requirements before expanding the services it can offer through that structure.

Competition is also considerable. Established banks and specialist financial technology companies already operate extensive consumer and business banking networks, while switching a customer’s primary financial relationship can involve more than offering an attractive mobile application.

Financial performance strengthens the investment case

Revolut reported 2025 revenue of $6.0 billion, equivalent to approximately £4.5 billion, representing annual growth of 46%. Profit before tax increased 57% to $2.3 billion, or around £1.7 billion, giving the business a reported pre-tax margin of 38%.

Those figures provide evidence of an established profit-generating operation rather than a business relying exclusively on expectations of future scale. They also explain why investors may be prepared to value Revolut substantially above some traditional banking groups.

However, comparing a private transaction valuation with the market capitalisation of a listed bank requires care. Publicly traded share prices respond continuously to market information, while a private share sale may involve a more limited number of buyers, sellers, and available shares.

The $115 billion figure therefore does not guarantee an equivalent valuation if Revolut were to list on a stock exchange. Nor does it establish the amount that could be realised if every existing shareholder attempted to sell their holdings at the same time.

Private investors may also assess the business using expectations about future growth, international market access, and the development of additional financial products. Those expectations can change as operating costs, regulation, interest rates, and competition affect financial performance.

The company did not disclose the total value of shares sold in the latest transaction. Without that information, the scale of the secondary sale cannot be inferred from Revolut’s overall valuation.

Customer depth matters alongside account numbers

Revolut’s customer base provides substantial potential for additional revenue, but the number of registered or active users is only one measure of a banking business’s commercial strength.

Customers who use a service occasionally for travel spending or overseas transfers may generate relatively limited revenue compared with those who receive salaries into an account, maintain significant balances, and purchase several financial products.

Financial institutions consequently pay attention to the depth of customer relationships, the amount of money deposited, transaction activity, and the costs associated with serving each account.

Revolut’s lending portfolio totalled approximately £2.2 billion at the end of 2025, with a loan-to-deposit ratio of around 6%. That represents a comparatively limited lending operation relative to the deposit base and distinguishes its revenue structure from banks more dependent on credit products.

Expanding lending could provide additional income and deepen customer relationships, although credit activity also introduces exposure to loan defaults and associated regulatory capital requirements.

The company must also maintain systems capable of monitoring fraud, protecting customers, and handling complaints as the number of markets and products increases. These responsibilities become more complex when different regulatory authorities supervise different parts of an international business.

Revolut’s growth has previously attracted scrutiny concerning anti-money-laundering controls and fraud complaints. Sustained banking expansion will depend in part on whether its compliance and customer operations develop alongside its financial products.

Employee liquidity remains part of the structure

Revolut has used secondary share programmes to give eligible employees opportunities to sell some of their vested ownership. Its 2025 transaction involved more than 2,100 current and former employees across 32 countries, according to the company’s annual report.

Such arrangements can provide access to the value of share-based compensation before an eventual public listing or acquisition, making them relevant to the company’s ability to recruit and retain experienced staff.

Nik Storonsky, Revolut’s chief executive and co-founder, referred to that arrangement in the latest announcement: “Our team makes that happen, and employee ownership has been central to our culture from day one.”

The price established through a secondary sale also gives investors and employees another reference point for the value of existing holdings, although eligibility and the amount available to sell depend on the terms of each programme.

The company’s long-term ambition is to serve more than 100 million customers across more than 100 countries. Achieving those targets will require additional regulatory approvals, local operating capacity, and sustained demand for its financial products.

The latest valuation demonstrates substantial investor appetite for Revolut shares, supported by reported profitability and international growth. Its subsequent financial performance will provide further evidence of whether the expanded banking business can justify the expectations reflected in the secondary transaction.