Revolut completes its $115bn share sale as it cuts AI coding bills by 90%

Revolut CEO Nik Storonsky backstage at Web Summit in Lisbon in 2022.

Revolut has completed a secondary share sale that values the London-based fintech at $115bn, the company said on Wednesday. That is 53% more than the $75bn set by a similar sale a year earlier.

Glade Brook Capital Partners, Coatue, Durable Capital Partners, T. Rowe Price, and Baillie Gifford led the sale, Revolut said in a statement carried by Tech.eu. Existing and new investors joined them. Employees and early backers sold existing shares, at about $2,017 each, Tech.eu reported.

No new money came into the company, TechCrunch reported, and Revolut did not say how much stock changed hands. The price is the one first reported in July, and the Revolut valuation behind Nik Storonsky’s new share award in August.

“Every bank we launch means more people get a better way to manage their money, wherever they live. Our team makes that happen, and employee ownership has been central to our culture from day one.” Nik Storonsky, CEO and founder, Revolut

Revolut has more than 80 million retail customers. “100 million next,” Storonsky wrote on LinkedIn.

This year Revolut launched banks in the UK, Mexico, Australia, and New Zealand. It also won licences in France, Colombia, and Argentina, TechCrunch reported. It has conditional approval from the US Office of the Comptroller of the Currency for a national bank, which it plans to open in the first half of 2027.

Revolut made a 38% profit margin on $6bn of revenue in 2025, according to TechCrunch. A stock market listing would come no earlier than 2028, and Storonsky has weighed a London and Nasdaq listing.

At $115bn, private investors value Revolut above Barclays and Société Générale, Reuters reported. But it lends far less than those banks. It had £2.2bn of loans at the end of 2025, a loan-to-deposit ratio of 6%, against 55% at HSBC, Reuters found.

Reuters also listed setbacks. Revolut was fined in Lithuania for failing to prevent money laundering, and in September it sent customer data to scammers posing as officials. Revolut said no confirmed money laundering was found, and that its systems and customer funds were not affected.

The sale closed a day after The Register reported how Revolut cut its AI coding bill. Tobias Mann’s story drew on a talk by David Abitbol, who leads AI operations at Revolut, at the AI Engineer conference in New York on 13 October.

Revolut now runs GLM-5.3, a Chinese open-weight model from Z.ai, on its own GPUs. It is the default coding model for about 2,000 engineers, served on 56 Nvidia B200 chips. Abitbol put the blended cost at 30 cents per million tokens. Revolut’s invoice is now a tenth of what it spent with Anthropic and OpenAI, he said.

“We were highly skeptical about the cost of AI.” David Abitbol, Revolut, at AI Engineer

Revolut rolled out Claude Code widely in January with strict budget limits, Abitbol said. Some engineers had been spending $1,000 to $10,000 a month without a clear return. It started self-hosting GLM-5.1 in April.

Since then, coding time has improved by 60%, according to Revolut’s internal chart. Lead time, from picking up a feature to having it ready to deploy, improved by 70%. The conference’s own write-up notes that the chart does not separate the model change from other causes.

Revolut has not dropped the US labs. Abitbol called the latest Codex and Claude Code models “fantastic”, but said they are kept for exceptions. Image tasks go to Gemini or GPT Luna, because GLM handles text only.

“Open source is now a priority at Revolut, and our economics are favorable. The billing is flat, we don’t have any bill shock at the end of the month, and the frontier is the exception.” David Abitbol, Revolut

On using a Chinese model at an EU-regulated bank, Abitbol said Revolut downloads the weights and runs them on infrastructure it chooses. No requests go to an endpoint in China, he said.

Cristian Dina is the CRO at The Next Web. He has interviewed 300+ industry leaders and authored the book King of Networking, establishing hi (show all) Cristian Dina is the CRO at The Next Web. He has interviewed 300+ industry leaders and authored the book King of Networking, establishing himself as one of the most connected and respected voices in the ecosystem. At just 23 years old, Cristian was included in the Forbes 30 Under 30 2025 list, representing a new generation of tech builders, bold thinkers who move fast, build with purpose, and create real impact.

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