British fintech Revolut plans a secondary share offering in June, worth at least $750 million, in a plan to raise its valuation to $115 billion.
With this, the company's market value would increase by 53% compared to the last secondary sale, in November of last year, when it was valued at US$75 billion.
At the time, the fintech company founded by Nikolay Storonsky received investments from investors such as Coatue, Andreessen Horowitz, and NVentures, the venture capital arm of the giant Nvidia.
A report by BTG Pactual shows that, with this move, the European digital bank would have a market value twice that of Nubank, currently valued at US$58 billion on the New York Stock Exchange.
"This is particularly relevant because Revolut and Nubank are increasingly being compared as two of the largest global digital banking platforms, even though they still have different business models," says the document, signed by analysts Eduardo Rosman, Ricardo Buchpiguel, and Antonio Pascale.
"Nubank continues to be more focused on credit and Latin America, while Revolut has a more global profile and is lighter in capital," the report adds.
In practice, according to the document, the English digital bank will continue to monetize services such as foreign exchange, payments, subscriptions, investments, cryptocurrencies, and business accounts.
In the comparison made by BTG analysts between the two banks, there are advantages for each side, depending on the line consulted. Based on 2025 figures, Nubank has almost double the number of customers (131 million), compared to Revolut's 63.8 million.
But in terms of total deposit volume, the European bank leads with US$65.3 billion. The fintech founded by David Vélez, Cristina Junqueira, and Edward Wible closed last year with US$41.9 billion.
In terms of average deposit amount, according to BTG's survey, Revolut is 220% higher: US$1,024 compared to US$320. In terms of loan portfolio, Nubank far surpasses it, with US$32.7 billion, compared to US$2.9 billion reported by Revolut.
In terms of annual revenue growth, the Bank of England recorded 49%, and Nubank, 37%. And, although the Brazilian fintech has a higher net profit, Revolut recorded a 68% increase, compared to Nubank's 46% increase.
According to analysts, with a valuation of US$115 billion, Revolut would have a price-to-earnings ratio of 67.8x, an indicator 231% higher than Nubank's, with a P/E ratio of 20.5x.
BTG Pactual's analysis explains part of the growing interest in the European fintech's shares. According to The Information website, many investors are willing to make offers exceeding US$100 million in the Revolut process, which is expected to formally begin on June 15th.
According to sources consulted by the portal, the expectation is that the fundraising round will not be completed before August.
The secondary funding round will be led by Glade Brook, a current investor in Revolut and holder of other fintech investments such as Stripe and Ramp. Other Revolut investors include Andreessen Horowitz, Tiger Global, SoftBank, and TCV.
In September 2025, NeoFeed spoke with the founder in London, who discussed the fintech's global growth strategy, including its expansion into the Brazilian market.
"We invest in products all the time, and sooner or later our products will be far superior to those of any local bank in any country," Storonsky said at the time.
Revolut has been one of numerous prominent startups that, for now, have opted for private stock sales instead of going directly to an initial public offering (IPO). The company expects its IPO not to occur before 2028.
Once the funding round is completed, the fintech company would be the first "centicorn" in Europe, a privately held company valued at over US$100 billion. It would be one hundred times the size of a "unicorn".
It would also make Storonsky one of the richest people in Europe. He recently stated that his shareholding would reach 29%. Today he owns about 25%.
In March, the company applied for a banking license in the United States and appointed executive Cetin Duransoy as its new American CEO. Last year's profit was $2.3 billion, and revenue was $5.8 billion.
The company's figures position it as one of the most anticipated IPO candidates in Europe in the coming years.
In any case, the latest fintech IPOs haven't been very successful. Shares of the Swedish company Klarna, for example, have fallen 56% since its IPO in the United States last September.
