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(Bloomberg) — Revolut Ltd. garnered a $75 billion valuation in its latest share sale after months of courting investors, a steep increase from the $45 billion price tag it received last year.
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The round was led by Coatue, Greenoaks, Dragoneer and Fidelity Management & Research Company, according to a statement. Nvidia Corp.’s venture capital arm NVentures, Andreessen Horowitz, Franklin Templeton, and accounts advised by T. Rowe Price also participated.
Revolut has spent months putting together the round, which cements its status as Europe’s most valuable startup. The company allowed current employees to sell their shares as part of the transaction, marking the fifth time the company has made such an offer available to staffers.
“The level of investor interest and our new valuation reflect the strength of our business model, which is delivering both rapid growth and strong profitability,” Revolut Chief Financial Officer Victor Stinga said in the statement.
Revolut is a digital bank that offers checking and savings accounts, international money transfers, cryptocurrency and stock trading as well as bill paying and budgeting tools. The fintech has pledged to invest $13 billion as it looks to amass 100 million customers around the world — up from the roughly 65 million it has currently.
The company is now crafting plans to enter 30 new markets in almost every major geography and is planning to undergo the costly process of securing regulatory authorizations in each one. Chief Executive Officer Nik Storonsky is also laser-focused on securing a full banking license in Revolut’s home country of the UK.
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By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy SubscribeWhile Revolut declined to disclose the amount it raised as part of the share sale, Bloomberg previously reported that the company and its backers were in talks to raise about $3 billion in a combination of primary and secondary funding from the round.
(Updates with more information about fundraise in final paragraph.)
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