Revolut's Secondary Share Sale Values It at $115 Billion, Above Barclays

Revolut closed a secondary share sale on Wednesday that values the private bank at $115 billion, with no new money going into the company.

A secondary sale means existing shareholders sold stock to new buyers. No fresh capital landed on Revolut's balance sheet. The company declined to say how much stock changed hands, TechCrunch reported.

The $115 billion mark is up from $75 billion in a share sale last year. That is a rise of about 53%, a desk calculation from the two reported marks. Reuters put the increase at more than 50%.

Glade Brook Capital Partners, Coatue and Durable Capital Partners led the transaction. T. Rowe Price Associates and Baillie Gifford also led it. Long-standing partners and new global investors took part, Revolut said.

A private price above public banks

The new mark makes Revolut Europe's most valuable startup, Reuters reported. Private investors now value it above Barclays and Societe Generale. Those are listed banks whose shares trade every day.

Revolut has no traded share price of its own. Its valuation exists only when private buyers and sellers agree on one. That makes each sale a rare, negotiated test of what the business is worth.

The comparison cuts both ways. Barclays earned far more last year than Revolut did. Whether a private mark above a listed rival is ambition or excess is the open question in this deal.

The numbers behind the mark

Revolut's 2025 revenue grew 46% to $6.0 billion. Pre-tax profit climbed 57% to $2.3 billion. The pre-tax margin, profit as a share of revenue, expanded to 38%.

The customer count explains much of the investor case. Revolut serves over 80 million retail customers. Its long-term goal is over 100 million active customers across more than 100 countries.

Set against that growth, the profit gap with incumbents is wide. Revolut's 2025 pre-tax profit was 1.7 billion pounds. Barclays earned 9 billion pounds before tax, Reuters reported.

"Every bank we launch means more people get a better way to manage their money, wherever they live," said Nik Storonsky, chief executive and founder. "Our team makes that happen, and employee ownership has been central to our culture from day one." Storonsky added: "That's why we've once again given them the chance to share in the value they've created, as we work towards our next milestone of serving 100 million customers."

A bank that keeps adding countries

Since the start of 2026, Revolut has launched full banks in four countries. They are the United Kingdom, Mexico, Australia and New Zealand. It has also secured banking licenses in France, Colombia and Argentina.

In the United States, it won conditional approval for a national bank charter. The charter came from the Office of the Comptroller of the Currency, the federal bank regulator. TechCrunch reported the U.S. bank is planned to launch in the first half of 2027.

Europe remains the base. Revolut already runs established banking operations across 30 markets in the European Economic Area. The EEA is the European single-market area. Each new license extends that footprint rather than starting it.

"The milestones achieved this year have been several years in the making," said Victor Stinga, chief financial officer. "They allow us to strengthen our digital banking proposition in our core markets and pave the way for it reaching millions more customers beyond Europe." Stinga added: "The confidence of our investors, both existing and new, reflects Revolut's unique opportunity to build the first truly global bank."

The gap the valuation has to close

Reuters pointed to two gaps behind the headline mark. Revolut earns far less revenue from each customer than traditional banks do. Average deposit balances are also much lower, its analysis showed.

Lending is the clearest gap. Revolut held just 2.2 billion pounds in loans at the end of 2025. Its loan-to-deposit ratio, loans as a share of deposits, was 6%. HSBC's ratio was 55% and Societe Generale's was 86%.

That mix is deliberate, not accidental. Revolut told Reuters its model is diversified. It earns revenue from products and services rather than lending. "That means our growth depends on building things customers value, rather than on interest rates," a spokesperson said.

Too few customers use Revolut as their main account, Reuters noted. The company said primary-account use rose 45% in 2025. It declined to say how many customers treat it as their primary bank.

What remains unknown

What remains unknown starts with the size of the sale itself. Revolut declined to say how much stock was sold. It also declined to comment on how much money the round raised, Reuters reported.

The buyer mix is only partly visible. The lead investors are named, but their individual stakes are not. Nor is the share price each buyer paid in this sale.

Also unknown is the listing path. TechCrunch reported an initial public offering, a first public share sale, would come no earlier than 2028. Revolut has announced no timetable of its own.

What to watch next

What to watch next begins with the U.S. bank launch. Conditional charter approval must become a final approval first. The planned first-half 2027 launch is the nearest dated test.

Watch the customer count against the stated goal. Moving from over 80 million toward 100 million active customers is the milestone management itself has set. Progress there either supports the mark or exposes it.

Watch primary-account adoption and lending growth most of all. If more customers bank with Revolut first, revenue per customer can close on the incumbents. If not, the $115 billion mark rests on growth alone.