According to Odaily, since August, employees and early investors of fintech company Revolut have sold nearly $1 billion in stock following the company's acquisition of a UK banking license, which has raised its valuation to $45 billion. Revolut has extended the deadline for its secondary stock sale twice, initially allowing only current employees to sell shares. This move was intended to enable some early supporters and former employees to liquidate part of their holdings.
The stock sale commenced a month after Revolut secured the UK banking license, a development that attracted a range of institutional investors, including Abu Dhabi's sovereign investor Mubadala, marking their first investment in the company. Revolut's founder and CEO, Nik Storonsky, reportedly earned between $200 million and $300 million in the first round of financing. Sources indicate that early venture capital investors cashed out approximately $500 million in the second round of sales. It is noted that the total stock sales are expected to exceed $1 billion. Revolut has declined to comment on these developments.