Revolut Hits $115 Billion While Storonsky’s Stake Keeps Growing

Revolut confirmed Wednesday that it has opened a new round of employee share sales pricing Europe’s biggest fintech at $115 billion, a jump Bloomberg first reported and one that lifts the digital bank’s private price tag by 53% in under a year. Shares are changing hands at $2,017 each, according to an internal memo from co-founder and chief executive Nik Storonsky.

Nobody outside Revolut has to approve that number. There is no exchange, no prospectus, no analyst call. It is simply what buyers agreed to pay this week for a company that, on paper, is now worth more than Barclays.

A Sixth Sale in Two Years

A Revolut spokesperson kept the confirmation brief.

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, and we’ll provide an update once it has completed.

Storonsky was warmer with staff. “I’m glad that you now have another opportunity to realise liquidity on your shares,” he wrote in the memo obtained by Bloomberg, crediting new and existing investor demand to the company’s momentum over the past twelve months.

This is not a new trick. Revolut’s previous round, in November 2025, was already its fifth employee share sale and priced stock at $1,381.06, valuing the company at $75 billion. That round followed an August 2024 sale that set the price at $45 billion. Wednesday’s deal makes six.

The valuation has more than doubled from $45 billion in 2024, and it now sits above Barclays’ roughly $95 billion market value, though that comparison carries a real caveat: Revolut’s number comes from a private transaction whose total size has never been disclosed.

The Case for Staying Private

Storonsky has been explicit about why there is no stock ticker yet. In April, he told Bloomberg the company’s initial public offering (IPO) was at least “two years away.” Revolut has said it intends to run more of these secondary sales before any listing happens at all.

Each one does double duty. Employees and early backers get cash. And the company gets to test, privately and without consequence, what a number like $115 billion will actually draw in bids before it ever has to defend that figure in front of public shareholders and short sellers.

That is the wager at the center of this story. A public listing invites scrutiny Revolut has so far avoided: quarterly earnings calls, analyst downgrades, a share price that moves on bad headlines instead of one Revolut sets itself every few months. Six sales in, the bet that private pricing beats public exposure keeps paying off, at least for the people who get to sell.

A Pay Package That Grows With the Price

Storonsky’s own upside is structured to track the number directly. His stake has climbed from roughly 25% in 2024 to about 29% by early this year, and sits near one-third of the company today, according to internal share documents cited by Bloomberg.

He built it that way on purpose. “Once I reach a higher valuation, I get additional shares,” Storonsky told journalist Elizaveta Osetinskaya in an interview, explaining an incentive plan modeled on the arrangement Tesla approved for Elon Musk. He said the plan replaced years of watching his ownership get diluted “too quickly” as Revolut raised outside capital.

• $36 billion – the value of Storonsky’s stake at the new $115 billion price, per internal documents cited by Bloomberg
• One third – roughly the share of Revolut’s equity Storonsky now holds, up from about a quarter two years ago
• $76 billion – what that stake could reach if Revolut eventually lists at a targeted $200 billion valuation
• $2.3 billion – Revolut’s 2025 pretax profit, up 57%, on revenue that rose 46% to $6 billion

Every markup on Revolut’s cap table is also a markup on Storonsky’s personal net worth. That alignment is the whole design of the plan, and it is also the clearest reason he has little urgency to trade a system he controls for one that shareholders would.

Who Actually Gets Paid

Revolut has not named the buyers behind Wednesday’s sale. Its November 2025 round drew a specific and recognizable group of crossover investors willing to pay up for a private fintech at bank-beating scale.

• Coatue Management, Greenoaks, Dragoneer Investment Group and Fidelity Management and Research, which led that round
• Andreessen Horowitz, Franklin Templeton and T Rowe Price Associates, which joined as participants
• Nvidia’s venture arm, NVentures, an unusual crossover bet for a chipmaker better known for backing artificial intelligence startups
• Longer-standing backers including SoftBank Vision Fund, D1 Capital Partners and Index Ventures

None of that money reaches Revolut’s own balance sheet. In a secondary sale, shares move directly from a seller, an employee or an early investor, to a buyer. The company itself collects nothing. Revolut’s announcement establishing the $75 billion valuation credited the jump to 72% revenue growth and profit before tax that grew 149% that year, numbers that justify the price without a single dollar of new capital changing the company’s cash position.

The Licenses Behind the Number

Something concrete is driving buyers to keep paying more. Revolut first won a restricted UK banking licence in 2024; regulators lifted those restrictions this March, clearing the company for a full-scale banking rollout in its home market. It has since applied for a national bank charter in the United States and, per Revolut’s own confirmation, a banking licence in France as well.

A day before Wednesday’s sale, Revolut said it had become the first global fintech to win an unrestricted authorised deposit-taking institution (ADI) licence in Australia, a designation that lets it offer savings accounts and lending products to the more than one million Australians already on its app. The company committed roughly AUD$400 million to that market over five years. It also holds a Markets in Crypto-Assets (MiCA) licence, the European Union’s crypto framework, letting it run its Revolut X exchange across the bloc.

Subscription revenue alone climbed 67% to $936 million last year, according to data platform Sacra’s breakdown of the company’s private financials, with card payments and lending growing alongside it. Revolut’s retail base has passed 75 million customers, up from 52.5 million at the end of 2024.

Does London Get Revolut’s IPO?

Probably not on the London Stock Exchange. Storonsky has told Bloomberg the eventual listing is roughly two years out and increasingly likely to land on a US exchange, not the one in his own company’s home city, even as UK bankers pin their hopes for a fintech listing revival partly on Revolut itself.

That timing stings. London closed 2025 with 23 initial public offerings, nine of them on the exchange’s main board, and UK listings raised just £2.1 billion combined last year, according to EY figures cited by wealth manager Charles Stanley. Bankers had been counting on challenger banks like Monzo and Starling, plus fintechs ClearScore and Zilch, to help prove London could still land a marquee tech float. Revolut, the biggest prize of all, keeps signaling it will look elsewhere when it finally goes.

The Next Marker Is $200 Billion

Storonsky has already sketched out what comes after this sale. He has discussed seeking a valuation of as much as $200 billion whenever Revolut does list, a figure that would, by his own estimate, require net profit to climb from last year’s $2.3 billion to somewhere between $5 billion and $6 billion.

Hit that target and his own stake, growing toward 40% under the incentive plan, could be worth roughly $76 billion. Miss it, and the company simply runs another private sale, prices itself again, and asks staff and investors to keep believing the number before a single share ever trades in public.

Frequently Asked Questions

Can retail investors buy Revolut shares right now?

No. Revolut remains a private company, and its shares are only available to employees and selected institutional investors through sales like this one. Ordinary investors would have to wait for a future stock market listing, which Storonsky has said is still roughly two years away.

How does Revolut’s valuation compare with fintech rivals that already went public?

It dwarfs them. Klarna and Chime both listed on the New York Stock Exchange in late 2025 and early 2026, with Klarna raising $1.37 billion at a $14 billion valuation, a fraction of the $115 billion price tag Revolut has set without opening its books to public shareholders.

Is Revolut a fully licensed bank everywhere it operates?

It depends on the market. Revolut holds a full UK banking licence as of March 2026 and an unrestricted deposit-taking licence in Australia, but its US national bank charter application is still pending, and in several other countries it runs on e-money or payments licences rather than full banking authorisation.

Do all Revolut employees get to join each share sale?

No, only some staff are eligible each round. In the November 2025 sale, Revolut let current employees sell up to 20% of their holdings; the company has not disclosed the eligibility terms for this month’s $115 billion round.