British fintech startup Revolut has reached a significant milestone, achieving a valuation of $45 billion in a recent secondary share sale involving existing and new investors. The company’s valuation marks a substantial increase from the $33 billion it attained in July 2021.

“This valuation reflects the strong financial performance recorded by the company in recent quarters as well as the progress made in executing its strategic objectives,” Revolut stated, highlighting its recent successes.

The share sale round was spearheaded by Coatue, D1 Capital Partners, and existing investor Tiger Global. Although the total value of the shares on sale was not disclosed, the substantial valuation underscores Revolut’s growing influence in the fintech sector.

Revolut CEO Nik Storonsky expressed satisfaction with the outcome, stating, “We’re delighted to provide the opportunity to our employees to realise the benefits of the company’s collective success. We’re also excited to partner with several new investors who share our vision as we continue our journey to redefine the banking landscape as we’ve known it.”

This valuation surge coincides with Revolut’s recent approval for a banking license with restrictions in the U.K., ending a three-year wait since the initial application in 2021. The license, which allows Revolut to take customer deposits and issue products such as loans and credit cards, marks a critical step as the company prepares to establish its banking infrastructure in the U.K. ahead of an official launch.

The banking license approval followed the resolution of issues related to Revolut’s share structure, which had previously delayed the process. As Revolut continues to expand its footprint in the banking industry, the company’s recent achievements reflect its ongoing commitment to transforming the financial services landscape.

(Adapted from EconomicTimes.com)

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