Nvidia invests in Revolut as $75bn valuation secured
Nvidia has invested in London fintech Revolut as the firm secured a $75bn (£57bn) valuation in a secondary share sale.
The chip giant participated in the share sale via its venture capital arm, NVentures, alongside a group of top investors including Andreessen Horowitz, Franklin Templeton, and T. Rowe Price Associates. The transaction was led by Coatue, Greenoaks, Dragoneer, and Fidelity.
Current Revolut employees were given the opportunity to sell as part of this transaction, the fifth share sale opportunity for its employees to date.
Victor Stinga Revolut’s chief financial officer, said: “The level of investor interest and our new valuation reflect the strength of our business model, which is delivering both rapid growth and strong profitability.
“We welcome onboard a series of world-class investors and look forward to working with them for the next stage in Revolut’s evolution.”
The share sale cements Revolut’s status as one of the most valuable banks in Europe, with a market cap higher than Barclays, Lloyds and Natwest.
Rachel Reeves has reportedly clashed with the governor of the Bank of England after trying to support Revolut in its protracted regulatory process to secure the licence.
The Chancellor is reported to have attempted to secure a meeting between financial watchdogs and Revolut in hopes of pushing forward its banking licence bid.
But the meeting was blocked by Bank of England governor Andrew Bailey in a major clash between the Treasury and financial regulators.Morning Wire reported in July Revolut was set to miss a key banking licence deadline for its 12-month “mobilisation” period – marking another regulatory headache for the fintech giant.
Last month, Revolut co-founder Nik Storonskiy abandoned his main residency in the UK in favour of the United Arab Emirates.
Storonskiy’s updated residency was posted in fresh Companies House filings on the fintech chief’s family company on Tuesday.
The move comes mere weeks after Revolut pumped £3bn into the UK as it launched its global headquarters in London. Storonskiy earlier this month changed the spelling of his name to comply with fresh identification requirements on Companies House.