Revolut staff and early investors have sold nearly $1bn worth of shares since August, following the fintech’s long-awaited UK banking licence approval, which boosted its valuation to $45bn.
Initially restricted to current employees, the secondary share sale expanded to include early backers and former staff, according to a report carried by the Financial Times.
The sale attracted institutional investors, including Abu Dhabi’s Mubadala, while Revolut founder Nik Storonsky reportedly earned $200mn to $300mn in the first round. Early venture investors sold about $500mn in the second round, with total sales surpassing $1bn, the FT article said.
The UK licence renewed investor confidence after years of regulatory delays, drawing participants such as Goldman Sachs clients.
Revolut levied fees on sales, with former staff paying 2%, higher than previous transactions, the paper added.