The financial technology company Revolut, based in Britain, announced on Friday that it has achieved a valuation of $45 billion following a secondary share sale involving both new and existing investors. This valuation positions Revolut above several of Europe's largest banking institutions.

The share sale is being orchestrated by Coatue and D1 Capital Partners, alongside participation from existing investor Tiger Global, as stated by Revolut.

This announcement follows Revolut's recent acquisition of a UK banking license, a milestone reached after a three-year application process.

Founded in 2015, Revolut is among a select group of financial services applications, commonly referred to as "fintechs," that have emerged in the UK over the past decade. The company provides its financial services exclusively through a mobile application, eschewing traditional physical branches.

In 2023, Revolut reported a record pretax profit of £438 million ($564.36 million), driven by significant user growth and a surge in interest-related income.

With its $45 billion valuation, Revolut surpasses the market capitalization of French bank Societe Generale, which stands at $19 billion according to LSEG data, and is also greater than that of Barclays, which is currently valued at $43 billion.