Revolut Plans Next $100 Billion Share Sale as It Marches Toward a $200 Billion IPO

The Valuation Staircase: How Revolut Got Here

Revolut’s valuation has more than doubled in two years, moving from a respected fintech to one of Europe’s most valuable private companies. The progression is striking:

• 2021: An earlier funding round valued Revolut at approximately $33 billion .
• August 2024: A secondary share sale priced the company at $45 billion, largely to provide liquidity for employees .
• November 2025: In a tender offer completed on November 24, 2025, the valuation jumped to $75 billion, a 67% increase from the August 2024 round .
• H2 2026 (planned): The upcoming secondary sale targets a valuation exceeding $100 billion, adding roughly another 33% on top of the 2025 figure .
• IPO target (not before 2028): Revolut is aiming for an ultimate public-market valuation of $150 billion to $200 billion .

This methodical, rapid re-pricing is what Revolut founder Nik Storonsky has described as building a "valuation staircase," using each successive secondary sale to establish a new, higher price benchmark ahead of a potential IPO .

Who Is Investing: From Coatue to Nvidia’s Venture Arm

Each step in Revolut’s valuation climb has attracted a deeper bench of heavyweight investors.

August 2024 ($45 billion valuation): The round was led by Coatue, D1 Capital Partners, and Tiger Global, bringing in a mix of new and existing technology investors .

November 2025 ($75 billion valuation): The tender offer was led by Coatue, Greenoaks, Dragoneer, and Fidelity, with participation from Andreessen Horowitz (a16z), Franklin Templeton, and Nvidia’s venture capital arm, NVentures . The addition of Nvidia sent a particularly strong market signal about fintech’s deepening ties to AI infrastructure.

The investor lineup for the H2 2026 round has not been officially announced. Still, sources have pointed to significant incoming interest from existing backers who want to increase their position and new investors hoping to gain exposure before any public debut .

The Regulatory Milestone That Changes Everything

Perhaps more important than any single valuation figure was what happened on March 11, 2026: Revolut finally secured a full UK banking licence from the Bank of England’s Prudential Regulation Authority (PRA) .

The company first applied for the licence back in 2021 and received a restricted licence with conditions in July 2024, entering a "mobilisation period" in which it had to demonstrate robust IT, compliance, and risk management systems . Exiting that mobilisation phase allows Revolut Bank UK Ltd to accept deposits, offer FSCS-protected accounts (up to £85,000, or as much as £120,000 in some reports), and lend directly to customers in its home market . It transitions Revolut from a payments app with a banking-like experience into a regulated, deposit-taking bank. The licence also paves the way for expanded lending products, including credit cards, loans, and eventually mortgages .

The Long-Term IPO Ambition

When Revolut does eventually test the public markets, it is aiming high. According to the Financial Times, the company is targeting a valuation between $150 billion and $200 billion for its stock market listing . However, management has made clear that no IPO will happen before 2028 .

The strategy is deliberate: each secondary share sale lets early investors and employees realize some gains while establishing a higher price for the company in private markets. By repeatedly stepping up its valuation, Revolut hopes to enter the public arena with a price tag that reflects years of growth, not just a single funding round. The company has also strengthened its internal team to manage share sales directly, reducing its reliance on Wall Street banks to run these private transactions .

Taken together, the planned H2 2026 tender offer, the hard-won banking licence, and the $150–200 billion IPO ambition show a fintech that is methodically turning its private-market momentum into the foundation for a massive public debut—just not right away.