Revolut Valued at $115B in Share Sale With No New Money

Brought to you with support from

Revolut is now worth $115 billion on paper, but the company did not raise a cent. A secondary sale lets existing holders sell shares to new buyers, so the money goes to sellers and not to the business.

An IPO is still years away

The new price arrives while Revolut weighs a public listing. Founder Nik Storonsky has weighed listing in both New York and London, with the U.S. as his preferred main venue. An IPO could reportedly value the company at $200 billion, but it would not come before 2028, depending on market conditions.

Who bought, and what changed

Glade Brook Capital Partners, Coatue, Durable Capital Partners, T. Rowe Price Associates and Baillie Gifford led the sale. Revolut declined to say how much stock was sold.

The valuation is 53% above the price from another share sale a year earlier.

Profit and the business banking arm

In 2025 the company posted a 38% profit margin on $6 billion of revenue. Much of its business is built around consumers, yet the business banking division, launched in 2017, now brings in about 20% of gross profit. James Gibson, head of Revolut Business, gave that figure in an interview with TechCrunch.

Revolut Business is available in Europe, the U.K., Singapore, Australia, New Zealand and the U.S. It processes more than £36 billion (about $48.6 billion) a month, including over £1 billion in the U.S. Annualised revenue tops £950 million, and customer deposits exceed £18 billion.

Nearly half of the unit's new U.S. customers are newly incorporated companies. Revolut wants to take business banking to Mexico, Brazil and India, but Gibson did not say when. It also aims to lift its base from over 800,000 business customers to a million by 2027.

The bank in the U.S. and the wider rollout

The Office of the Comptroller of the Currency has given conditional approval for a national bank. Revolut plans to launch it in the first half of 2027, subject to final regulatory approval.

The London-based company, founded in 2015 by Storonsky and Vlad Yatsenko, began as a money-transfer app. It now counts more than 80 million retail customers in over 40 countries. This year it opened banks in the U.K., Mexico, Australia and New Zealand, won licences in France, Colombia and Argentina, and started rolling out services in India.

Our View

Because no new capital came in, the valuation says more about what buyers will pay for existing stock than about the company's funding needs. The figures Revolut has shared point to business banking as a growth engine worth tracking. The U.S. regulator's final approval is the decision that will show whether the 2027 bank launch stays on schedule.

Source: TechCrunch