Early investors in challenger bank Revolut - which is being steered by two Aberdonians - could soon be millionaires following a surge in the company's value.
Investors using the Crowdcube platform are due to have made 404 times their original investment when they sell a portion of their Revolut shares in the next few days.
They paid $2.14 for each share in the UK start-up, some of which they are now being invited to sell for $865.42 a piece, according to The Times. The average investment at the time, £2,309, has been magnified to more than £900,000.
Aberdeen Asset management founder Martin Gilbert has chaired Revolut since 2020, and fellow University of Aberdeen graduate John Sievwright also sits on its board.
The London-based fintech company recently swung to a £438million profit in 2023, having made a £25million loss a year earlier.
The unlisted Revolut initially allowed only its own employees to cash out when it first announced a secondary share sale in August. Now it has relaxed the rules to allow early backers and former employees to sell some of their shares too.
“We are excited to announce that as part of our ongoing secondary process, Revolut is now able to confirm that shareholders [using the Crowdcube platform] will be eligible to participate in this next phase,” it said in an email to the investors.
In total, more than $1 billion worth of shares are changing hands, with new investors including the Abu Dhabi fund Mubadala, private clients of Goldman Sachs, and the tech investors Coatue Management and D1 Capital Partners.