Revolut plans to issue $500 million in shares, CEO plans to cash out hundreds of millions of dollars

Odaily News Digital bank Revolut is conducting a $500 million secondary share offering, with existing shareholders, including employees, set to realize a portion of the proceeds at an expected valuation of more than $40 billion. The program is only for current Revolut employees, and former employees are not allowed to sell their shares. Revolut CEO Nikolay Storonsky reportedly plans to cash out tens or even hundreds of millions of dollars, and other board members are also considering participating. Revolut last issued additional shares in 2021, when the company allowed existing employees to sell up to 20% of their shares, with total sales of more than $100 million. In addition, the company is still working to obtain a UK banking license. (Fortune)