Revolut valued at $115bn, eclipsing Barclays' market cap

Revolut has been valued at $115 billion in a secondary share sale, marking a 53% increase from its $75 billion valuation in November and more than doubling its $45 billion price tag from early 2024. The digital bank priced the shares at $2,017 each, according to an internal message from CEO Nik Storonsky. The transaction allows employees and existing shareholders to liquidate their holdings rather than raising fresh capital for the company.

This pricing officially crowns Revolut as Europe’s most valuable private company. In a striking illustration of how far fintech valuations have climbed, the figure eclipses the roughly $95 billion market capitalization of legacy banking giant Barclays. However, market participants should note that Revolut’s premium is derived from a private transaction of undisclosed size, lacking the continuous liquidity and price discovery of a public stock market.

The lofty valuation is anchored in a robust financial trajectory. Revolut generated $6 billion in revenue for 2025, representing a 46% increase, while pre-tax profits surged 57% to $2.3 billion. This profitability coincides with a user base that has now surpassed 75 million globally, demonstrating the platform's ability to scale efficiently and monetize its customer base.

Digital assets remain a central pillar of this growth engine. Through its primary application, Revolut offers trading capabilities for more than 200 crypto tokens, integrated with external wallet transfers and staking features. The firm has also expanded its footprint in the digital asset sector with the launch of Revolut X, a standalone crypto exchange designed to capture more dedicated trading volume.

Regulatory approvals are playing a critical role in de-risking the business ahead of a potential public debut. After securing a MiCA license to serve crypto customers across the EU last year, Revolut obtained a full U.K. banking license in March. The firm is now actively pursuing a U.S. national bank charter, a move that would grant it access to the world's largest financial market.

These structural and regulatory improvements are setting the stage for an eventual IPO. Internally, Revolut has discussed targeting a valuation of up to $200 billion when it goes public. If achieved, such a listing would rank among the largest ever seen in the global financial technology sector.