Synopsis
Any such deal would allow early investors and employees to sell shares and generate liquidity, said the people, who asked not to be identified discussing private information. A formal process could kick off as soon as this month, though details have not been finalized and the company is still sounding out investors, the people said.Listen to this article in summarized format
Any such deal would allow early investors and employees to sell shares and generate liquidity, said the people, who asked not to be identified discussing private information. A formal process could kick off as soon as this month, though details have not been finalized and the company is still sounding out investors, the people said.
A representative for Revolut declined to comment.
Chairman Martin Gilbert is meeting with potential investors in a secondary deal to the Monaco Grand Prix this weekend, though has set no particular agenda, according to people with knowledge of the matter.
Revolut has largely relied on secondary transactions in recent years to bring on new investors. Such deals have generally come with an increase in valuation for the company.
If the firm hits a valuation of $115 billion, Chief Executive Officer Nik Storonsky would be granted additional shares of Revolut that would boost the value of his stake to at least $36 billion, according to internal company documents.
Revolut last clinched a valuation of $75 billion in November in a deal that allowed current employees to sell shares. Investors including Coatue Management, Andreessen Horowitz and Nvidia Corp.’s venture capital arm participated in the deal.
Storonsky has said the bank would weigh launching more secondary sales before any initial public offering. He wants to take the digital bank public, but that won’t happen until at least 2028, he said in an interview with David Rubenstein.
The digital bank applied for a US bank charter earlier this year and is awaiting a decision. Revolut has also received a full banking license in the UK, which allows the firm to push into lending.
