British fintech unicorn Revolut, co-founded by Ukrainian Vlad Yatsenko and which closed a $75 billion funding round in November, has offered to buy back shares from former employees at a 30% discount to their current value, the Financial Times reports. And while the discount is steep, sources believe many former staffers could still walk away with millions.

What’s Known

• According to the outlet, the company told former employees via email that it would purchase their shares at $966.74 per share — a valuation of $52.5 billion. That’s well below Revolut’s current valuation, but still 12% higher than the company offered during its 2024 secondary sale, which priced the business at $45 billion.
• A source close to Revolut confirmed to the FT that, even with the discount, former employees could still see substantial payouts — potentially in the millions.

«We have received interest from some former employees who want to sell their shares, so we have expanded the buyback program launched earlier this year to provide this opportunity to those who wish to participate,» the company said.

Revolut Enriches Its Employees

• In recent months, Revolut has executed several transactions that have generated significant gains for its staff. In September, current employees were allowed to sell up to 20% of their shares at a valuation of $75 billion, or $1,381.06 per share, in a secondary sale. Early investors were also invited to participate.
• People familiar with the matter noted that during last year’s secondary sale, which valued the company at $45 billion, former employees did not face a discount. This time, however, the offer is part of a company-run share buyback program, making it a fundamentally different arrangement.
• Despite the sizable markdown, the new buyback remains attractive for many. Revolut is not publicly traded, meaning former employees cannot simply sell shares on the open market. The buyback provides a rare opportunity to unlock liquidity from stock options that might otherwise remain illiquid for years, while still offering a 12% gain compared to last year’s deal.
• The program effectively provides former staff with instant liquidity through a streamlined process, without commissions, legal costs, or the need to find a buyer.

Background

• Revolut reached its $75 billion valuation after closing its latest funding round led by investment firms Coatue, Greenoaks, Dragoneer, and Fidelity.
• The valuation puts the company close to the market caps of British banking giants Barclays and Lloyds, despite Revolut still lacking a full UK banking license.
• The company, however, holds banking licenses in several other markets, including the EU (through Lithuania) and Mexico.