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London-based Revolut valued at $45 billion last year

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Nvidia's ( NVDA ) venture arm, Coatue, Greenoaks, Fidelity among

investors

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Revolut still waiting for full UK banking licence

(Writes through with details of the share sale, context and CEO

quote from paragraph 3 onwards)

By Tommy Reggiori Wilkes

LONDON, Nov 24 (Reuters) - Britain's Revolut said on

Monday it had completed a secondary share sale valuing it at $75

billion, a 66% jump from last year and underlining the rapid

growth of Europe's most valuable financial technology company.

London-based Revolut said the sale was led by investors Coatue,

Greenoaks, Dragoneer and Fidelity, while other participants

included venture capital firm Andreessen Horowitz, Franklin

Templeton, and Nvidia's ( NVDA ) venture capital arm.

The valuation, albeit secured in private rather than public

markets, makes the 10-year-old business worth more than many

publicly listed banks including Britain's Barclays ( BCS ),

France's Societe Generale and Germany's Deutsche Bank

.

Founded by CEO Nikolay Storonsky and chief technology officer

Vlad Yatsenko, Revolut is the most successful of a handful of

financial services apps, or "fintechs", to have emerged across

Europe in the last decade, amassing more than 65 million

customers and a pretax profit that surged 149% to 1.1 billion

pounds ($1.44 billion) last year.

Revolut's valuation has soared. It was valued at $45 billion

last year and $33 billion in 2021, minting a fortune for its

early employees and investors.

In a statement, the company said this was the fifth time it had

offered employees the opportunity to sell shares.

"I'd like to thank our team for their determination and energy,

and for believing that it is possible to build a global

financial and technology leader from Europe," said Storonsky, a

billionaire who last year moved his residence to Dubai from

London.

Storonsky has said his number one priority is to get Revolut a

full banking licence in the UK, which still eludes the company

even after a multi-year effort.

Analysts say Revolut's technology and brand has significant

appeal, but note that it still makes much of its money from

customers trading cryptocurrencies and from the income earned

through higher interest rates. Average customer deposits are

much lower than at traditional banks and executives acknowledge

too few customers use it as their primary account.

Revolut now wants to compete with big traditional lenders in

offering consumer credit, mortgages and eventually even business

loans. It is also considering buying a U.S. bank to grow in that

market.

($1 = 0.7640 pounds)