Digital bank Revolut could be valued at more than £30 billion as it plots a share sale to free up liquidity in the business.
The FinTech ‘super app’ is being advised by Morgan Stanley on the potential sale of around $500 million worth of existing equity, according to the Financial Times.
With the market for initial public offerings struggling to pick up – despite the recent float of Raspberry Pi – Revolut is joining other private companies looking to alternative forms of liquidity for shareholders, reports the FT.
The sale would free up cash for employees and early investors, according to people familiar with the matter.
It would place a significantly higher valuation on the business than the $33bn it achieved during its 2021 fundraising.
Revolut is still awaiting approval for its UK banking licence, which it applied for over two years ago, despite amassing a customer base of nine million in the UK and 40m globally.
The FinTech recently announced that it would relocate its global headquarters in London. It is looking to grow its global workforce by 40% this year.
Founded in 2015, it is now a remote-first business, with over a third of its workforce based outside of London.
Meanwhile Revolut has revealed that ‘RevPoints’ can be converted into airline miles and exclusive discounts on travel, accommodation, experiences and more without credit card spending.