Revolut’s $115 Billion Secondary Share Sale: The Inside Story

This article is a source-backed fact check of the deal, the company’s financial trajectory, and what comes next.

The $115 Billion Secondary Sale: Key Details

Secondary share sales allow existing shareholders—often employees and early backers—to cash out before a public listing. Revolut is not issuing new shares or raising capital for itself in this transaction .

• Lead investor: Glade Brook Capital Partners is reported as the lead investor orchestrating the sale .
• Proceeds target: The sale is targeting a minimum of approximately $750 million, with investor demand strong enough that it could reach up to $2 billion in total transactions .
• Per-share price: $2,017, based on an internal message to staff seen by Bloomberg and The Wall Street Journal .
• Confirmation: Revolut acknowledged the process in a brief statement: “We can confirm that a secondary share sale process is underway. As is standard, we won’t comment on the details while the process is ongoing” .

Valuation Growth: From $45B to $115B in Two Years

The 2025-2026 leap is driven by strong financial performance and the regulatory milestones described below.

Financial Performance: Record Revenue and Profit

Revolut’s 2025 annual report, published in March 2026, showed a business that has scaled profitably for five consecutive years .

• Revenue: $6.0 billion (£4.5B), up 46% year-on-year from $4.0 billion in 2024 .
• Pre-tax profit: A record $2.3 billion (£1.7B), up 57% from $1.4 billion in 2024 .
• Profit margin: 38% pre-tax margin, up from 35% in the prior year .
• Customer base: 68.3 million retail customers at year-end 2025, a 30% increase . A Fortune profile from July 3, 2026 cited “75 million global customers,” reflecting continued growth .
• Diversification: 11 different product lines each generated over £100 million in revenue, including card payments ($1.3B) and interest income ($1.3B) .

Regulatory Milestones: UK License and US Ambitions

• UK banking license: Granted in March 2026 after a multi-year regulatory process. The license allows Revolut to operate as a fully regulated bank in its home market .
• US banking charter: Revolut has an application pending for a US banking charter as part of its push into North America .

The company operates as a licensed bank in 30+ markets worldwide .

Nvidia’s Stake and the $196 Million Claim

Nvidia’s venture arm NVentures participated in the November 2025 secondary sale that valued Revolut at $75 billion . Multiple sources confirm Nvidia’s involvement, including Forbes and Reuters .

The specific figure of approximately $196 million for Nvidia’s stake was not independently verified in the top-tier sources (Reuters, Bloomberg, WSJ, Fortune) reviewed for this article. That figure may come from separate regulatory filings or detailed reporting not captured in the search results. Nvidia’s participation is confirmed; the exact dollar amount is not yet corroborated at this level of public reporting.

IPO Ambitions: A $200 Billion Target?

In April 2026, the Financial Times reported that Revolut had informed investors of its ambition to achieve a valuation of up to $200 billion in its upcoming IPO . CEO Nik Storonsky has also spoken publicly about a future IPO that could value the business “north of $200 billion” .

Revolut had previously indicated it would not pursue a listing before 2028 . The $115 billion secondary sale does not change that timeline, but it provides a public price signal about where major investors believe the company’s value sits today.

What This Means for Investors and the Fintech Landscape

The $115 billion valuation makes Revolut Europe’s most valuable private company and places it among the top 10 most valuable private companies globally . It surpasses the market capitalizations of several traditional European banks, including Barclays and NatWest .

Because the July 2026 transaction is a secondary sale, it does not inject new capital into Revolut. Instead, it provides liquidity for employees and early backers—a common step before a public listing. The strong investor demand (reportedly up to $2 billion against a $750 million minimum) signals confidence in the company’s growth story and regulatory readiness .

Caveats and Unverified Claims

Based on the sources reviewed:

• $2 billion demand cap: Bloomberg’s June 2026 report indicated potential demand reaching up to $2 billion, but the final figure will depend on how many shareholders choose to participate and at what price .
• 75 million customers: Likely reflects post-2025 growth, as cited by Fortune in July 2026, but the year-end 2025 official count was 68.3 million .
• 39 markets: Available sources consistently say “30+ markets”; the specific “39” figure may include non-banking product markets or be rounded from other reporting not directly verified here .