Revolut hits $115 billion valuation in secondary share sale

Europe's most valuable startup more than doubled its valuation in 18 months as investors bet on its expanding banking and crypto license portfolio.

Revolut agreed to a secondary share sale at $115 billion, a 53% jump from its November 2025 round, making it Europe's most valuable startup. Its valuation now exceeds NatWest and Barclays' European market caps despite holding a fraction of their loan books.

"The secondary sale reflects strong demand from investors who see Revolut's multi-license strategy as a durable competitive advantage," said Hannah Park, a fintech analyst at a major research firm. "The UK banking license, the crypto approvals, and the US charter application together create a regulatory barrier that few digital banks can match."

Revolut's 2024 revenue grew 72% to $4 billion, while pretax profit surged 149% to $1.4 billion, showing the profitability behind the valuation. The November 2025 round was led by Coatue, Greenoaks, Dragoneer, and Fidelity, with Nvidia's venture arm NVentures quietly taking a stake worth about $196 million — a position disclosed only through UK regulatory filings, not a press release. At roughly $1,380 per share, the stake amounts to 141,834 shares, according to a Companies House statement.

The valuation jump shows that investors are pricing Revolut as a full-spectrum financial platform rather than a neobank. The company serves 13 million customers in the UK and counts 16 million crypto users globally. Its license portfolio has expanded rapidly: a UK banking license in March, in-principle approval from Dubai's Virtual Assets Regulatory Authority for crypto trading and brokerage in July, and a US bank charter application still pending. Revolut also moved to delist Tether's USDT under Europe's MiCA rules and was selected by the European Central Bank to test the digital euro. Each new license expands Revolut's addressable market and reduces its reliance on any single regulatory regime. The US charter, if approved, would be the biggest prize — giving Revolut direct access to the world's largest consumer banking market without relying on a partner bank.

The crypto license from Dubai's VARA is particularly significant. The United Arab Emirates has emerged as one of the most proactive jurisdictions for digital asset regulation, with a regulated dirham stablecoin recently reaching exchanges there. For Revolut, the approval opens a pathway to serve crypto traders in a region with high retail participation and favorable tax treatment. The company operates Revolut X, a standalone crypto exchange, alongside in-app trading features — a dual structure that positions it to capture both casual and professional traders.

The $115 billion valuation places Revolut at roughly 29 times trailing revenue and 82 times trailing profit — multiples that would rank among the highest in European financial services if the company were public. For context, PayPal trades at about 15 times earnings, while Adyen commands roughly 40 times. Revolut's premium reflects a growth trajectory that saw revenue more than double over two years while profitability improved, a combination rare among digital banks that typically prioritize user acquisition over margins. The company's take rate has also climbed as it cross-sells higher-margin products such as crypto trading, foreign exchange, and premium subscription tiers.

The competitive picture highlights Revolut's standing. Rival digital bank Monzo was valued at about $5 billion in its most recent round — roughly one-twentieth of Revolut's valuation despite similar user engagement metrics — while N26 has struggled to gain traction in the US market. Traditional European banks trade at single-digit price-to-earnings ratios, reflecting slower growth and heavier regulatory burdens. Revolut's ability to command a valuation premium hinges on sustaining its growth rate while navigating the regulatory complexities of operating across multiple jurisdictions with different compliance requirements.

CEO Nik Storonsky has ruled out an initial public offering before 2028, making secondary share sales the primary liquidity route for staff and early backers. Bloomberg reported in June that Revolut was weighing a new sale at the $115 billion level, a 53% premium to the prior round in about seven months. For Nvidia, whose $196 million stake was disclosed through a Companies House filing, the rising valuation represents a quiet windfall from its fintech bet — one that may grow further if Revolut pursues additional sales before any eventual IPO. The chipmaker's venture arm typically invests in AI infrastructure companies, making Revolut an unusual addition to its portfolio that now appears prescient. The deal also sets a benchmark for other European fintechs eyeing secondary sales, potentially narrowing the valuation gap between digital-first lenders and their traditional peers.

This article is for informational purposes only and does not constitute investment advice.