Revolut is conducting a new secondary stock offering round for its employees, in a deal that values the company at $115 billion, according to NeoFeed .
As a result, its market value increased by 53% compared to the previous secondary sale , carried out in September of last year, when the company was valued at US$75 billion.
According to a memo obtained by Bloomberg news agency, the transaction is valuing each share at $2,017. According to CEO Nikolay Storonsky , who signed the document, Revolut's momentum is attracting "significant demand from new and existing investors."
Contacted by NeoFeed , Revolut confirmed that a secondary share sale process is underway, but stated that it would not comment on the details until it is completed. "We will provide an update when it is completed," reads part of the statement.
The round reignited comparisons with Nubank , as they are two of the largest global digital banking platforms.
With the new valuation, the British fintech has widened the gap with Nubank in terms of valuation, considering that the market cap of the company founded by David Vélez is currently around US$67.5 billion.
In a report published in June, when the first news about the funding round emerged, BTG Pactual stated that, with a valuation of US$115 billion, Revolut would trade at a P/E ratio of 67.8 times. Nubank's multiple, according to the bank's analysts, is 20.5 times.
Despite the comparisons, analysts at BTG Pactual highlighted that the two companies have distinct business models. According to them, Nubank is more focused on credit and Latin America, while Revolut has a more global profile and is less capital-intensive.
Although Nubank had almost twice as many customers in 2025, with 131 million, Revolut led in total deposit volume, with US$65.3 billion. The British fintech operates with a banking license in 30 countries, having received authorization in the United Kingdom, while Nubank operates in only three.
With these numbers, the two companies are vying for leadership in Latin America. After consolidating its position in Brazil, with 115 million customers, Nubank obtained a banking license in Mexico.
Revolut, which earlier this year announced the official launch of its banking operation in Mexico, is investing to expand its presence in Brazil.
Last month, the British fintech company announced the creation of an advisory board to guide its next steps in the country, with obtaining a banking license as one of its main goals.
Present in Brazil since mid-2023, Revolut has been expanding its operations in the local market through a direct credit company (SCD) license.
