Revolut Backers Reportedly Pushing for $60 Billion Valuation Share Sale

Investors in FinTech Revolut are reportedly pressing the company to consider a secondary share sale.

As Bloomberg News reported Thursday (Feb. 28), this is happening as new investors are scrambling for stakes in the U.K.-based financial services firm. Sources tell Bloomberg that some shareholders have indicated an interest in selling their shares in a sale that values the company at $60 billion.

That would mark a $15 billion jump in the valuation Revolut achieved in a secondary share sale just six months ago, the report added.

The sources said Revolut isn’t working on an offering so far, and that the company would need to OK such a move. One of the sources says Revolut is preparing to report roughly $1 billion in profit before tax for 2024, a figure that would be its highest profit ever, up from the $545 million it reported in 2023.

A spokesperson for Revolut declined to comment when reached by PYMNTS.

The company has been building out its services in recent months and weeks, launching a commercial real estate lending unit, while building a private lending business.

Revolut has a European Union banking license, and provides banking services in the U.S. through partnerships with Sutton Bank and Cross River Bank. Its CEO has also hinted that it is pursuing an American banking license.

The company announced in December that it will offer new anti-fraud security measures to its cryptocurrency customers beginning this year. The month before that, Revolut said it plans to offer its customers in the U.K. new trading products and features upon receiving a U.K. trading license. Also in November, the company revealed it was bringing its cryptocurrency exchange to Europe after launching it in the U.K.

There’s also the question of when, if and where the company will go public. While the company has indicated it might seek an initial public offering (IPO) in the U.S., a report last year from the Financial Times said the U.K. Treasury was pushing Revolut to list in London.

The company’s U.K. CEO, Francesca Carlesi, last year indicated that a London listing was still possible.

“The U.K. is our home and is also one where a lot of our investors come from,” Carlesi said. “We know that companies are always better off to list where their biggest market is.”