Strategic View:
Fintech giant Revolut has completed a secondary share sale valuing the company at $75 billion. The syndicate of buyers includes Coatue, Greenoaks, and Dragoneer, with participation from Andreessen Horowith a16z and Nvidia. This club deal provides liquidity to employees while bringing top-tier US growth investors onto the cap table.
Full Story:
Revolut has cemented its status as Europe’s most valuable private tech company with a secondary share sale that values it at a staggering $75 billion. The transaction was orchestrated as a club deal for incoming investors, led by growth equity heavyweights Coatue, Greenoaks, and Dragoneer.
This deal is a “Secondary Syndicate.” Instead of issuing new shares and diluting existing holders, Revolut organized a marketplace for employees and early investors to sell their stock to this consortium. This serves a dual purpose: it rewards talent (retention) and it refreshes the shareholder base with sophisticated US investors who can support a future IPO. The inclusion of Nvidia’s venture arm in the club is particularly strategic, hinting at Revolut’s deepening push into AI-driven banking services.
However, a $75 billion valuation is rich. The syndicate is betting that Revolut can transition from a “Travel App” to a “Global Bank,” capturing deposit market share from incumbents like HSBC and Chase. The “Club” structure allowed these investors to build a meaningful position ($500M+) that would be impossible to accumulate in the open market post-IPO.
Why It Matters:
Secondaries are the new IPO. Companies are staying private longer (Revolut is 10+ years old), so they must manufacture liquidity events via club deals. This validates the secondary market as a primary tool for unicorn capital management.
Source(s):
Revolut Reaches $75B Valuation
