Revolut employees and early investors have sold nearly $1 billion in stock since August

Employees and early investors in fintech firm Revolut have sold nearly $1bn in shares since August after it was awarded a UK banking licence at a valuation of $45bn. Revolut has twice extended its secondary share sale, which initially allowed only current staff to sell shares, so that some of its early backers and former employees could cash out part of their holdings. The sale, launched a month after Revolut was awarded a UK banking licence, attracted a slew of institutional investors, including Abu Dhabi sovereign investor Mubadala, which bought a stake for the first time. Nik Storonsky, the company's founder and chief executive, netted between $200m and $300m in the first round of funding. Early venture investors cashed out about $500m in the second round of sales, people familiar with the matter said. It added that the share sales would total more than $1bn. Revolut declined to comment. (FT)