On August 16, Revolut announced an elegant way for long-serving staff to cash in on their equity ownership in the fast-growing and profitable financial super-app. Ahead of a possible IPO, it has retained Morgan Stanley as placement agent on a secondary share sale that allows employees to divest stock to three institutional investors.
These are Coatue, a specialist technology investor in public and private companies; D1 Capital Partners, the hedge fund founded in 2018 by billionaire and former chief investment officer of Viking Global Investors Daniel Sundheim; and Tiger Global, an existing investor in Revolut.
Amid the uncertainty over private company valuations, exacerbated by the public market volatility of early August and a decline in capital raising by technology companies, lining up these institutional bidders to provide liquidity to the company’s key employees looks smart.
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