According to Sky News, existing investor Tiger Global Management is in talks to lead a $500 million secondary share sale for Revolut, which would value the UK-based fintech giant at at least $40 billion.
Tiger, which co-led Revolut’s $800 million funding round in 2021 at a valuation of $33 billion, is one of “multiple parties” interested in buying shares, it said Heaven.
Last month it was revealed that Revolut was working with Morgan Stanley to sell around $500 million worth of existing shares, including those held by employees, to reach the $40 billion valuation.
CEO Nik Storonsky is among the employees likely to sell shares. He reportedly plans to sell shares worth tens or hundreds of millions of dollars.
Earlier this month, the fintech reported record profits of $545 million in 2023, reinforcing its long-term pursuit of a UK banking license.
Revolut Group revenue rose 95% from $1.1 billion in 2022 to $2.2 billion over the past year, helped by record customer acquisition and higher interest rates.