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Crypto-Friendly Bank Revolut Plans to Sell $500M of Employee Shares at $45B Valuation: WSJ
Revolut has been in talks with investment firm Greenoaks over the sale, which would pave the way for a potential IPO
Updated Jul 23, 2024, 3:57 p.m. Published Jul 23, 2024, 3:54 p.m.
In this article
- Early employees of startups are often given shares as part of their compensation, which they can sell when the company goes public.
- Revolut may be aiming to allow employees to cash out their holdings while giving the fintech firm's valuation a boost ahead of an IPO.
Digital bank Revolut plans to sell around $500 million of employee-owned shares, the Wall Street Journal reported on Tuesday.
The deal would see Revolut's value rise to $45 billion, according to the report, which cited people familiar with the matter.
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The London-based fintech company has allowed the buying and selling of crypto within its app for several years and launched a standalone cryptocurrency exchange for experienced traders in May.
Revolut has been in talks with investment firm Greenoaks over the sale, which would pave the way for a potential initial public offering (IPO).
Early employees of startups are often given shares as part of their compensation, which they can cash in when the company goes public. However, higher interest rates in recent years have made for an uncertain environment for IPOs. Revolut may be aiming to allow employees to raise some cash while giving the firm's valuation an added boost ahead of an IPO.
The company declined to comment when contacted by CoinDesk.
Read More: Swan Bitcoin Drops IPO Plan, Cuts Staff and Will Shut Managed Mining Unit
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