Revolut is striving to become the most valuable start-up in Europe, targeting a valuation of $40 billion, according to reports from the Financial Times.
Sources familiar with the situation told the FT that the fintech company is collaborating with Morgan Stanley to sell approximately $500 million worth of existing shares, including those owned by employees, to achieve this valuation.
This effort follows an investor revaluation earlier this year that placed Revolut’s valuation at $25.7 billion, down from its 2021 valuation of $33 billion.
If successful, Revolut’s valuation would exceed that of NatWest and Société Générale, and would be on par with Lloyds Banking Group.
However, the startup continues to encounter challenges with its UK banking license application, which was initially submitted three years ago.
Recently, Revolut relocated its headquarters to Canary Wharf and announced plans to increase its workforce by 40%.