REVOLUT has told its former staff they can participate in a secondary share sale, allowing them to cash in at the finance firm’s latest US$45 billion valuation.
Former employees were told this week that anyone who’d been at the fintech for at least 24 months and held US$100,000 or more in vested shares would be able to sell as much as 5 per cent of their portfolio, according to a memo seen by Bloomberg News.
Revolut held a secondary share sale for current employees this summer, when staff including chief executive officer Nik Storonsky cashed in stock. The sale has been extended, allowing a wider group of early backers to exit.
“Given investor demand we are now in a position to extend the same opportunity to you – Revolut alumni,” the memo said. The process will be conducted via Shareworks, Morgan Stanley’s equity solutions manager.
The follow-on sale has already allowed some of Revolut’s early investors to dispose of at least US$300 million in a transaction backed by wealthy clients of Goldman Sachs, the Financial Times reported last week.
Revolut declined to comment.
The London-headquartered firm is now Europe’s most valuable fintech. Unlike many of its rivals across the fintech landscape, Revolut has not had to raise money in recent years, allowing it to avoid the sharp declines in valuation that many of its peers suffered as high interest rates forced investors to reconsider their support for the space.
The digital finance giant received its UK bank license in July, three years after it first submitted its application. Last week, Revolut announced it had hit 50 million customers globally, with 10 million in the UK. BLOOMBERG
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