British fintech Revolut valued at $45 billion in secondary share sale

British fintech startup Revolut on Friday said it was valued at $45 billion in a secondary share sale with existing and new investors.

“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 said in a statement.

The round was led by Coatue, D1 Capital Partners and existing investor Tiger Global, the company noted, without disclosing the total value of the shares on sale.

The $45 billion transaction sharply increases the company’s valuation from the $33 billion notched in July 2021.

“We’re delighted to provide the opportunity to our employees to realise the benefits of the company’s collective success,” Revolut CEO Nik Storonsky commented. “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.”

The valuation comes just weeks after Revolut was granted a banking license with restrictions in the U.K., ending a three-year wait after first applying for the license in 2021.

A series of issues had led to the delays, including Revolut’s share structure being inconsistent with the rules set out by the U.K.’s Prudential Regulation Authority, which has since been resolved.

The license allows Revolut to take customer deposits and issue products such as loans and credit cards. The company is now set to build up banking infrastructure in the U.K. before the official launch.