A secondary share sale at Revolut has valued the firm at $45bn (£35bn), making it the most valuable private tech company in Europe.

The valuation of the share sale at the London-based fintech firm means that its staff of over 10,000 employees are set to receive a windfall of $500m (£387m).

It comes after the firm, which boasts 45 million customers across 38 countries, was last valued at $31bn (£24bn) in 2021.

Revolut said the valuation represents the "strong financial performance recorded by the company recent quarters as well as the progress made in executing its strategic objectives".

In 2023, the fintech firm reported $2.2bn (£1.7bn), which was a year-on-year increase of 95%, while also reaching record profit before tax of $545m (£422m)

It added that it is now the "fastest growing finance app in 19 markets" and is on track to surpass 50 million customers by the end of 2024.

The latest development comes after Revolut secured a baking license in Mexico and a in the UK (authorisation with restrictions) in July, which the firm said is an "important step in the company’s continued expansion both in the UK and globally".

Chief executive officer at Revolut, Nik Storonsky, said: "We’re delighted to provide the opportunity to our employees to realise the benefits of the company's collective success. It’s their hard work, innovation, and dedication that has driven us to become the most valuable private technology company in Europe.

"We’re also excited to partner with several new investors who share our vision as we continue our journey to redefine the banking landscape as we’ve known it."

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