Revolut is reportedly eyeing a $40 billion valuation as the UK FinTech plans a sale of its shares.

People with knowledge of the plans told The Financial Times that the company is collaborating with Morgan Stanley to sell roughly $500 million in shares.

The move would further solidify the UK company’s status as the most valuable start-up in Europe.

While the business holds a full banking license in Lithuania and with the European Central Bank, it has been awaiting approval from UK regulators for over three years.

It isn't totally clear why Revolut hasn't been granted a banking licence since its application in January 2021, although it's likely the company's delay to the filing of its 2022 accounts for two consecutive years has had an impact.

Last year, Revolut said that the reason it hadn't been given a banking licence in the UK was because of turmoil in the global financial ecosystem, including the collapse of Silicon Valley Bank (SVB) and Credit Suisse.

Earlier this year, the London-based neobank said it expects to increase its global workforce by 40 per cent by the end of 2024.

At the start of 2024, the company said it had around 8,000 employees and reached 10,000 employees in the first three months of the year.

Revolut added that it has a number of roles advertised in the UK and predicts it will have around 11,500 people working for the company by the end of 2024.

The FinTech said the majority of new roles will be created in sales, customer support and FinCrime teams.

Revolut, which said that around a third of its UK workforce is based outside London, claimed to have received one million job applications globally in 2023.

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