Revolut has offered former employees the chance to sell their shares back to the company at a price that implies a valuation of about $52.5 billion, roughly 30% below the $75 billion level set in its latest funding round completed in November.

The offer prices the stock at $966.74 per share for alumni, according to correspondence sent to former staff. And seen by the Financial Times.

Revolut’s Discounted Offer Follows $75 Billion Round

The buyback for ex-employees comes shortly after Revolut’s latest secondary share sale, which was led by Coatue, Greenoaks, Dragoneer and Fidelity and valued the fintech at $75 billion. That valuation puts the London-based group in the same range as UK high street banks such as Barclays and Lloyds, despite Revolut still operating without a full UK banking license.

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In the correspondence to former staff, Revolut said the alumni offer is 30% below the recent funding valuation but represents a 12% premium to the price available in a 2024 secondary sale. A person familiar with the program said some former employees stand to make substantial sums, potentially in the millions of dollars, depending on the size of their holdings.

Company Cites Former Staff Demand

Revolut said it expanded the buyback scheme this year in response to demand from ex-employees who wanted to sell part of their stakes. In a statement, the company said it had “received interest from a number of former employees looking to sell shares, so we extended the buyback program that we started earlier this year to facilitate this for those who wish to participate.”

The company has presented the latest offer as a way to align liquidity options for current and former staff, even at a discount to the headline valuation attached to the November round. The moves follow a broader push to make Revolut’s employee equity more liquid as its private valuation has climbed sharply in the last 18 months.

Banking License Uncertainty Lingers

Despite the lofty valuation, Revolut still operates under a restricted UK banking license in what regulators describe as a “mobilization phase.” During this period, deposits at its UK banking unit are capped at £50,000 in total, and the company is required to strengthen its risk controls and infrastructure before a full license is granted.

Concerns around global risk management have weighed on regulatory approvals, noting that Revolut has been in the mobilization phase for longer than the typical 12 months. The extended process has added a note of caution for investors weighing the fintech’s growth trajectory against traditional banks with long-established regulatory track records.

Alongside its banking ambitions, Revolut has been expanding in digital assets and capital markets. In November, the company secured approval from CySEC to offer crypto services across 30 EU markets, giving it potential access to as many as 450 million Europeans for products that include staking and stablecoin features, according to Finance Magnates.