Revolut reportedly set to open employee-only sale round

Stick men in a line in front of stacks of coins.
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Revolut has reportedly set out plans to allow employees to cash in with a sale of stock valued at hundreds of millions of pounds.

According to Sky News, Britain’s biggest fintech has started work towards a secondary share sale, which the media believe will be worth around $500m (£394m). 

Furthermore, Wall Street bank Morgan Stanley is thought to have been chosen to lead the stock offering, which will take place later this year.

The sale round is expected to only be available for employees of Revolut. The company has allotted stock options to some of its 10,000 employees as part of their compensation packages. However, Revolut hasn’t announced how many of its employees would be eligible to dispose of equity in the transaction later this year.

An external shareholder in the company said the exclusion of non-employees from the deal could draw criticism from some investors, according to Sky News.

The fintech, currently awaiting an answer to its UK banking licence application, has reportedly attracted the attention of several prospective investors, which would join existing shareholders SoftBank‘s Vision Fund and Tiger Global.

Founded in 2015, Revolut has grown at an impressive rate. The company recently partnered with esports tournament and entertainment brand BLAST to become the presenting partner for the BLAST Premier Spring Final, leaning into unique payment deals that traditional banks seldom entertain.

Additionally, Revolut launched Revolut X, a dedicated cryptocurrency exchange, earlier this month. This marked a significant expansion of its crypto operations, an area the company has been active for some time.

Alex Saleh, Head of Partnerships at blockchain protection firm Coincover, described the launch as ‘promising’ at a time of ‘regulatory uncertainty’. 

Elsewhere in the funding landscape, fellow fast-growing fintech Monzo reportedly secured its latest high-profile financial backer, Hedosophia. This came after the company closed a funding round worth nearly £500m.