Revolut’s $45B Valuation Milestone & Nubank’s $404M Share Sale
Hey FinTech Fanatic!
Revolut has achieved a remarkable $45 billion valuation through a recent share sale by employees. This milestone places Revolut as the UK’s second-most valuable bank, trailing only HSBC, and surpasses its previous $33 billion valuation from 2021.
The UK government is keen to leverage this momentum, urging Revolut to consider a London listing over New York.
This development follows Revolut’s acquisition of a UK banking license in July, a milestone reached after a prolonged three-year battle with regulators. The new license not only allows Revolut to hold deposits and expand its lending capabilities within the UK but also enhances its potential to secure similar licenses in other major markets, such as the US.
Despite this progress, Revolut’s leadership, including CEO Nik Storonsky, appears inclined towards a potential IPO in New York, favoring the liquidity of Nasdaq over London’s stock exchange.
As London faces increased competition from New York, the UK government is intensifying efforts to keep Revolut's IPO on home soil.
Meanwhile, across the Atlantic, Nubank’s CEO and co-founder, David Vélez, made headlines with a $404 million share sale as the digital bank’s stock soared to record highs.
Vélez offloaded 31 million shares, roughly 3% of his stake, through his trust Rua California Ltd., primarily for estate planning purposes.
Nubank's shares have surged over 69% this year, buoyed by a more than doubling of its second-quarter profits, reflecting strong investor confidence in the digital bank's ongoing growth.
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INSIGHTS
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🇧🇷 David Vélez, the billionaire co-founder and chief executive officer of Nubank sells $𝟰𝟬𝟰 𝗠𝗶𝗹𝗹𝗶𝗼𝗻 of shares as stock hits record 🤯 Velez unloaded 31 million shares, or about 3% of his total stake, via his trust Rua California Ltd. to raise $404 million, according to a filing. The sale is intended for “estate planning purposes,” the company said.
FINTECH NEWS
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PAYMENTS NEWS
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🇺🇸 US-based provider of AI-enabled software platforms for real estate RealPage has selected Flex as its preferred technology provider for flexible rent payments. This partnership enhances RealPage’s integration by enabling Flex as a payment option in LOFT, RealPage’s new resident portal and app.
DIGITAL BANKING NEWS
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BLOCKCHAIN/CRYPTO NEWS
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DONEDEAL FUNDING NEWS
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M&A
🇳🇱 The Dutch payment giant Adyen reaffirmed that the FinTech was unlikely to pursue future growth through M&A, saying consolidation can be “very painful.” Ingo Uytdehaage, Adyen co-CEO, was asked by an analyst, given falling FinTech valuations, whether Adyen, which is famous for rejecting acquisitions as a growth strategy, would consider future acquisitions.
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MOVERS & SHAKERS
🇬🇧 allpay, a payment services provider in the UK, announced the appointment of Matt Marskell as Sales and Marketing Director (Non-Board) to its leadership team. Matt brings a focus on first class account management and optimisation of product for improved customer relationships taking over the commercial function at allpay at a time of exciting growth.
🇺🇸 Plinqit promotes Kirsten Longnecker to CMO. In her new role, Longnecker will oversee Plinqit’s marketing team and the company’s go-to-market strategy across its suite of deposit growth tools, including its most recently launched white-labeled savings product, High Yield Savings by Plinqit.
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