TL;DR

Revolut hits $115 billion in a secondary sale, up 53 percent from $75 billion in November, and wins Australia’s first full fintech banking licence from APRA

Revolut confirmed on Tuesday that a secondary share sale has valued the digital bank at $115 billion, a 53 percent jump from the $75 billion it reached in November 2025. The sale priced shares at $2,017 each, according to Bloomberg. The valuation makes Revolut the most valuable private fintech company in the world by a wide margin, surpassing Stripe and eclipsing most publicly traded European banks.

A day earlier, Revolut announced it had received an authorised deposit-taking institution licence from Australia’s Prudential Regulation Authority, becoming the first global fintech to obtain a full, unrestricted ADI. The licence allows Revolut to offer savings accounts, term deposits, and lending products to the more than one million Australians already using its platform. The company said it would invest AUD$400 million in Australia over the next five years.

The secondary sale was led by returning investors Coatue, Greenoaks, Dragoneer, and Fidelity, with participation from Andreessen Horowitz, Franklin Templeton, T Rowe Price, and Nvidia’s venture arm NVentures. The round allowed existing shareholders and employees to sell portions of their stakes at the new price. CEO Nik Storonsky, who holds approximately one-third of the company’s equity, could see his personal stake valued at more than $36 billion at the new valuation.

The valuation reflects a company whose financial trajectory has accelerated sharply. Revolut reported revenue of nearly four and a half billion pounds in 2025, up 46 percent year over year, and pre-tax profit of close to two billion pounds, up 57 percent. For 2026, management has projected nine billion dollars in revenue and three and a half billion dollars in net profit.

The twin milestones in valuation and regulation landed in the same week because they are connected. Revolut received its full UK banking licence from the Prudential Regulation Authority in March 2026 after years of delays, and has since applied for a US national bank charter with the Office of the Comptroller of the Currency. It now holds banking licences in the UK, the European Economic Area through Lithuania, Mexico, and Australia, with a US application pending.

Storonsky has said the company’s IPO is approximately two years away and will be in the US, where higher liquidity and technology-friendly multiples make a listing more attractive. People familiar with Revolut’s thinking have told Bloomberg the IPO target is at least $150 billion, a figure that would make the company more valuable than Barclays, Deutsche Bank, and Societe Generale combined. The push into business banking, which Storonsky has designated his top company priority, is designed in part to justify that kind of valuation by showing institutional investors that Revolut is a full-spectrum bank, not just a consumer payments app.

The Australian licence is particularly significant because APRA’s requirements are among the most demanding of any financial regulator. Revolut said its existing Australian customers would transition from the current e-money structure to Revolut Bank Australia, gaining access to deposit protection under the Financial Claims Scheme. The company now serves more than 70 million customers across over 100 countries and has more than 500,000 retail customers in Mexico, where it launched full banking operations in January 2026.

The $115 billion valuation positions Revolut closer to its eventual IPO price than to its startup origins. Whether the company can sustain that trajectory depends on how quickly it converts banking licences into revenue-generating products across its newer markets, and whether the business banking push delivers the higher-margin growth that public market investors will demand.