The UK government is planning to meet Revolut as it looks to woo the UK鈥檚 largest FinTech to London鈥檚 public markets.
City minister Tulip Siddiq is expected to meet the digital bank this autumn as part of a series of one-to-one talks with businesses, reports the Financial Times.
A source said topics may include its listing plans, with Revolut said to favour New York鈥檚 Nasdaq exchange for a potential IPO.
Meanwhile, Revolut has signed agreements with a group of leading technology investors to provide liquidity to employees through a secondary share sale at a 拢35 billion valuation.聽
It allows current employees to capitalise on their contribution to Revolut鈥檚 growth, while attracting a diverse mix of both new and existing investors. The round was led by Coatue, D1 Capital Partners, and existing investor Tiger Global.
CEO Nik Storonsky (pictured, right), who co-founded the company with CTO Vlad Yatsenko (left), said last year he did not 鈥渟ee the point鈥� of listing in London – due to the UK鈥檚 regulatory environment – but chair Martin Gilbert said last month that the firm would 鈥渒eep an open mind鈥�.
Chipmaker Arm was courted by the previous Conservative government but opted to list on the Nasdaq, a move widely seen as a blow to the London Stock Exchange, which is now enacting changes to make it easier to list in the UK capital.
Revolut recently received its UK banking licence with restrictions from the Prudential Regulation Authority more than three years after lodging its application.
The neobank reported remarkable revenues of 拢1.8 billion in 2023 – a 95% jump in turnover compared with the previous year – with profit before tax topping 拢438m. It claims to be the fastest growing finance app in 19 markets, and is on track to surpass 50m customers by the end of 2024.聽
鈥淲e鈥檙e delighted to provide the opportunity to our employees to realise the benefits of the company’s collective success,鈥� said Storonsky.聽
鈥淚t鈥檚 their hard work, innovation, and dedication that has driven us to become the most valuable private technology company in Europe.聽
鈥淲e鈥檙e also excited to partner with several new investors who share our vision as we continue our journey to redefine the banking landscape as we鈥檝e known it.鈥�
The company has also secured a banking licence in Mexico and launched several new products in the last year, including the RevPoints Loyalty Programme, eSIMs and the Revolut X crypto exchange.聽
鈥淲e have a high level of conviction in Revolut鈥檚 mission to democratise access to financial services globally,鈥� said Philippe Laffont, founder and portfolio manager at Coatue.聽
鈥淩evolut鈥檚 proven ability to scale across dozens of markets is a testament to the team鈥檚 commitment to product velocity, financial inclusion, and financial innovation.聽
鈥淯nder Nik and his team鈥檚 leadership, Revolut has navigated the complexities of the financial services landscape to deliver an impressive product suite that meets the needs of its rapidly growing customer base.聽
鈥淲e look forward to supporting Revolut as it continues to help transform the global banking industry.鈥�