Abu Dhabi-based Mubadala, a sovereign investor, has taken a significant stake in Revolut, a London-based fintech company, through a share sale that valued the firm at $45B (approximately €40B).
The move comes as the Mubadala investment focuses on deploying capital in Europe.
Over the past five years, the Abu Dhabi-based investor has been involved in at least 28 European deals, accounting for over a fifth of its global transactions.
This share sale brings in at least $200M (approximately €180M) for Revolut’s founder, Nik Storonsky, reports Financial Times.
In August, Revolut employees sold $500M (approximately €445M) worth of shares to investors, including Mubadala, Coatue, D1 Capital Partners, and Tiger Global.
However, the exact amount invested by Mubadala is not known at this time.
According to the report, Storonsky sold between $200M and $300M worth of his shares in the sale, representing half of the total value of the deal, in which thousands of employees sold about $500M of their shares.
The proceeds from the sale could support Storonsky’s venture capital fund, QuantumLight. Additionally, the share sale also comes as the fintech company plans for an aggressive global expansion plan.
Before the share sale, Storonsky’s stake in Revolut would have been worth almost $8B at a $45B valuation, according to the Financial Times.
Revolut received UK banking licence and focused on business banking
A couple of months back, Revolut received its UK banking licence with restrictions from the Prudential Regulation Authority (PRA), the UK banking sector’s regulator.
A few days back, Revolut announced a stronger focus on business banking.
According to the company, the global annualised revenue from its business-to-business (B2B) offering — Revolut Business, has exceeded €450M.
In the Netherlands, the monthly transaction volume has grown to €660M.
Additionally, Revolut is expanding globally with the launch of Revolut Business in Singapore, offering benefits to international businesses with operations in Singapore.
Furthermore, Revolut announces the launch of Revolut BillPay, integrated with accounting software and designed to save time managing and paying invoices to suppliers in over 150 destinations in just a few clicks.
Revolut was founded in 2015 offering money transfer and exchange services. Today, it serves over nine million UK customers and 45 million customers globally, facilitating more than half a billion transactions each month.
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