News
Crypto-friendly bank Revolut plans to sell $500 million in employee stock at $45 billion valuation: WSJ
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Early employees of startups often receive stock as part of their compensation, which they can sell when the company goes public.
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Revolut could aim to allow employees to withdraw their assets while giving a boost to the fintech company’s valuation ahead of an IPO.
Digital bank Revolut plans to sell around $500 million in employee-held shares, The Wall Street Journal reported Tuesday.
The deal would see Revolut’s value increase to $45 billion, according to the report, which cited people familiar with the matter.
The London-based fintech company has been enabling the buying and selling of cryptocurrencies in its app for several years and launched a standalone cryptocurrency exchange for experienced traders in May.
Revolut is 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 often receive shares as part of their compensation, which they can cash out when the company goes public. However, rising interest rates in recent years have created an uncertain environment for IPOs. Revolut may be looking to enable employees to raise money while giving the company an extra boost in valuation ahead of an IPO.
The company declined to comment when contacted by CoinDesk.
Learn more: Swan Bitcoin Abandons IPO Plans, Cuts Staff, Will Shut Down Mining Unit