Since August, employees and early investors of the fintech company Revolut have sold nearly $1 billion in stock to cash out, following the company's acquisition of a UK banking license, which valued it at $45 billion.
Revolut has twice extended the deadline for its secondary stock sale, initially only allowing existing employees to sell shares, in order to allow some of its early supporters and former employees to cash out part of their holdings.
This sale was initiated a month after Revolut obtained its UK banking license, attracting a group of institutional investors, including Abu Dhabi sovereign investor Mubadala, which is participating for the first time. The company's founder and CEO, Nik Storonsky, netted between $200 million and $300 million in the first round of financing. Sources say early venture capitalists cashed out about $500 million in the second round of sales. It added that the total stock sales would exceed $1 billion. Revolut declined to comment. (FT) #binancepizza
