London-based digital bank Revolut has reached a $115 billion valuation after completing a secondary share sale, a 53% increase from the $75 billion set in a similar transaction about a year earlier. The deal was led by Glade Brook Capital Partners, Coatue, Durable Capital Partners, T. Rowe Price Associates, and Baillie Gifford, and involved existing shares sold by employees and early backers rather than fresh capital. Shares reportedly changed hands around the $2,017 level. The valuation follows audited 2025 results showing group revenue up 46% to $6.0 billion and pre-tax profit up 57% to $2.3 billion, with a pre-tax margin of 38%. Revolut now serves more than 80 million retail customers and has launched banking operations in the UK, Mexico, Australia and New Zealand in 2026, while securing licences in France, Colombia and Argentina and receiving conditional OCC approval for a US national bank charter.
Even as the valuation soared, Revolut has been reducing headcount through routine performance reviews, mainly in its Business unit. The company says this is not a formal layoff program. The bank is also intensifying its AI efficiency push, shifting roughly 2,000 engineers from commercial AI tools such as Anthropic’s Claude and OpenAI’s Codex to self-hosted open-weight models from Z.ai’s GLM series running on about 56 Nvidia B200 GPUs. This has cut inference costs by around 90% to $0.30 per million tokens and improved coding time by about 60% and lead time by 70%. An IPO is not expected before 2028, with some reports suggesting a potential public valuation approaching $200 billion.
Meanwhile, British digital bank Monzo is preparing to approach venture capital investors for a funding round that could value it at about £7.5 billion (€8.9 billion), according to the Financial Times. That is below the £8 billion sought in minority stake discussions and substantially lower than the £10 billion attached to earlier Nubank takeover talks. The potential capital raise follows the collapse of takeover discussions with Brazil’s Nubank and stalled negotiations with private equity firms including Advent International, TPG and CVC. Monzo has not confirmed the fundraising plans and declined to comment.
Monzo’s latest annual results show revenue of £1.7 billion, up 39%, with statutory pre-tax profit of £87.3 million and adjusted pre-tax profit of £172.6 million. Customer deposits rose 55% to £25.7 billion, and total customers have grown beyond 16 million. The proposed £7.5 billion valuation would represent about 4.4 times annual revenue, compared with 5.9 times under the £10 billion takeover valuation. The bank has withdrawn from the United States and is focusing on European expansion, having obtained an Irish banking licence and launched services in Ireland and Spain. A European CEO departure has added to a leadership transition. The eventual funding amount and public listing timetable remain unresolved.
