Early Revolut investors cash out at least $300mn in share sale

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Financial Times 12h ago

Early Revolut investors cash out at least $300mn in share sale - Financial Times

Quick Summary:

The company’s licence application with UK regulators was delayed for about three years as it ran into issues including a qualified audit of its 2021 accounts and a tussle with investor SoftBank over Revolut’s share ownership structure.

Revolut had decided to sell more of its existing shares because of high demand in the previous transaction, a person close to the company said.

Revolut secured the UK banking licence with restrictions, meaning it still needs to meet certain requirements to exit a so-called mobilisation stage and operate as a bank.