The U.K. FinTech is giving ex-staffers the opportunity to sell their shares back to the company — recently valued at $75 billion — for $966.74 each, the Financial Times (FT) reported Tuesday (Dec. 9), citing correspondence seen by its reporters.
Former workers who accepted would cash out at a valuation of $52.5 billion, a sharp drop from the recent funding round but higher than the last time the company held a share sale for its ex-employees, the report added.
“We received interest from a number of former employees looking to sell shares, so we extended the buyback program that we started earlier this year to facilitate this for those who wish to participate,” Revolut told the FT.
A source close to the company said that, even with the discount, ex-staffers could potentially make millions from the sale. Revolut said it was extending its buyback offering after getting feedback from former workers, the correspondence seen by the FT said.
Revolut’s recent $75 billion valuation, achieved following a $3 billion funding round, marked a $30 billion jump in the space of a little over a year.
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Beyond the new valuation — making Revolut Europe’s most valuable FinTech — Revolut has marked several other milestones this year. For example, the company received its final banking authorization in Mexico ahead of an upcoming debut in that country. It also landed a banking incorporation license in Colombia and is readying its launch in India.
And as PYMNTS covered in October, Revolut also recently expanded its U.S. presence with the introduction of a high-yield savings account, explicitly pitched as part of its broader American growth strategy. The company has also said that it is seeking a path to securing a U.S. banking license, either by applying for one on its own or by purchasing an existing bank.
“By building U.S. savings products and examining structural ways to operate as a bank, Revolut is signaling that it views American consumers as central to its next growth chapter,” PYMNTS wrote, going on to note that the “common denominator across these expansion strategies is the focus on Generation Z.”
