Revolut valued at $115bn ahead of planned US bank launch

Revolut has reached a reported $115 billion valuation in a secondary share sale, a 53% increase from $75 billion, as the London-based fintech prepares to launch a US national bank. The transaction gives existing shareholders liquidity without adding fresh capital to the company.

The Tech Buzz reported on November 4, citing TechCrunch, that Glade Brook, Coatue and T. Rowe Price led the sale. A separate report from UA.NEWS, also citing TechCrunch, named Durable Capital Partners and Baillie Gifford among the deal’s leaders and said the volume of shares sold was not disclosed.

The US timetable is more specific—and more conditional—than an imminent launch: according to UA.NEWS, Revolut has conditional approval from the Office of the Comptroller of the Currency to establish a national bank and is targeting the first half of 2027, subject to final regulatory approval.

A valuation milestone, not a funding round

The distinction between a secondary transaction and a capital raise matters for Revolut’s American expansion. Buyers are purchasing shares from existing holders rather than financing the company directly. The higher valuation therefore establishes a new price for its equity, not a new spending budget for a US launch.

It also lets Revolut provide shareholder liquidity while remaining private. UA.NEWS reported that the company is exploring a public offering, with co-founder Nik Storonsky having considered a dual New York and London listing and a preference for a primary US listing. An IPO could come no earlier than 2028, depending on market conditions, according to that report.

The sale demonstrates investor willingness to buy at the higher price. It does not, on its own, establish how much of that valuation rests on US growth or show whether American operations will meet those expectations.

Moving beyond an existing US presence

A national bank launch would deepen Revolut’s US operations rather than mark its first activity in the country. Revolut Business is already available in the United States, alongside Europe, the United Kingdom, Singapore, Australia and New Zealand, according to UA.NEWS.

Founded in 2015 by Storonsky and Vlad Yatsenko, Revolut has expanded from a money-transfer app into a broader financial-services platform. UA.NEWS puts its retail customer base at more than 80 million across over 40 countries and reports 2025 revenue of $6 billion.

That scale gives Revolut an established business from which to pursue expansion, but the American market presents a separate competitive test. The Tech Buzz identifies Chime and Cash App among its rivals, alongside traditional banks that have invested heavily in digital services.

Revolut’s broader offering spans everyday financial services, international transfers, investing and cryptocurrency trading. Its revenue model includes subscriptions, foreign-exchange margins and trading commissions as well as interchange fees. That breadth offers several ways to generate revenue from customers, although the reports do not establish which products will be included in the planned US bank launch.

Part of a wider banking expansion

The US plan sits within a wider effort to build licensed banking operations internationally. Beinsure reported on November 3 that Revolut had received approval to establish a New Zealand bank, its seventh banking licence globally and fifth secured in 2026. The company committed NZ$120 million to that market over five years.

New Zealand illustrates the distinction between entering a market and becoming a bank there: Revolut first launched locally in 2023, while the banking registration enables additional products and eligible deposit protection. In the United States, final regulatory approval remains the immediate milestone. Beyond that, the strategic challenge is converting Revolut’s international scale and broad product model into sustained American customer relationships.