Revolut has confirmed plans to launch a secondary share sale valuing it at $45bn (£35bn) as the Treasury reportedly looks to court the fintech into a London listing.
The secondary share sale, which will give Revolut staff the chance to sell shares to investors including Coatue, D1 Capital Partners and Tiger Global, was rumoured to be in the works earlier this month.
The sale would firmly place Revolut as Europe’s most valuable private tech company and follows it securing a landmark UK banking licence.
“We’re delighted to provide the opportunity to our employees to realise the benefits of the company’s collective success,” said CEO Nikolay Storonsky.
“It’s their hard work, innovation, and dedication that has driven us to become the most valuable private technology company in Europe. We’re also excited to partner with several new investors who share our vision as we continue our journey to redefine the banking landscape as we’ve known it.”
The announcement comes amid reports that Treasury officials, including City Minister Tulip Siddiq, intend to hold talks with Revolut in the hope of convincing it to list publicly in London rather than the US.
Siddiq will meet with Revolut leadership in the coming months to discuss listing preferences amid a rumoured preference for New York, as reported by the Financial Times.
Storonsky has criticised UK financial regulation in the past, particularly regarding the lengthy wait for its banking licence.
Revlout’s success in the UK – the company’s largest market – and the ultimate decision from regulators to approve it as a bank may have softened the company’s feelings towards a London listing. However, the allure of a New York IPO remains a draw for high-growth tech firms.
The Financial Conduct Authority (FCA) brought into force the “biggest change to the listing regime in over three decades” last month. This was part of a plan to encourage more British firms to list on home soil.
The government and its Conservative predecessor have encouraged the FCA to champion British business and finance success as a priority alongside its remit of consumer protection.
UKTN has contacted Revolut and Siddiq for comment.
Read more: Can the UK’s listing rule changes revitalise a stagnant IPO market?