Revolut has reached a valuation of $45 billion (£35 billion) through a share sale that is expected to deliver a windfall profit of $500 million to employees, cementing its position as the most valuable private technology company in Europe.

This is a boost for the London-headquartered company, which was last valued at $33 billion in 2021. It is now worth more than the market valuations of major branch banks including NatWest and Barclays, which are worth £29 billion and £33.5 billion respectively.

Revolut made the announcement as it launched a secondary sale of employee shares to investors. Among the employees benefiting from the gold rush is Revolut’s co-founder and CEO Nik Storonsky, whose stake was not publicly disclosed but is believed to be worth several billion pounds.

The former Lehman Brothers trader founded the bank in 2015, originally as a prepaid card with a focus on free currency exchange for customers. Since then, it has grown to over 10,000 employees and serves 45 million customers in 38 countries with more than 50 products and services. In addition to money transfers, it also offers home rentals, buy-now and pay-later loans, and a wage advance service.

“We are excited to give our employees the opportunity to benefit from the company’s collective success,” Storonsky said in a statement. “Their hard work, innovation and dedication have made us Europe’s most valuable private technology company. We are also excited to partner with several new investors who share our vision as we continue on our journey to redefine the banking landscape as we know it.”

The buyers of the employee shares include the institutional investors Tiger Global Management, Coatue and D1 Capital Partners.

The news comes a month after Revolut reported record annual profits and weeks after the company was awarded a long-awaited UK banking license that took more than three years to be approved by regulators.

In recent years, Revolut has struggled with allegations of poor corporate culture and inadequate money laundering controls, which likely contributed to the delay in granting the license.

The fintech company said it has now addressed a number of accounting issues and breaches of EU regulations, is fully compliant with anti-money laundering and counter-terrorist financing regulations and has made efforts to improve its working culture.

The high valuation, record profits and British banking combined should pave the way for a big-money IPO for the company. However, the company’s bosses have yet to confirm the date and venue for the highly anticipated IPO.

Revolut hinted in its annual report in July that it was preparing for an IPO, saying the company had “enhanced” its financial controls in a way expected of “publicly listed companies”.

British politicians are expected to launch a new charm offensive to get Revolut listed on the London Stock Exchange amid fears the company could also list its shares in the US. Labour minister Tulip Siddiq is expected to raise the issue when she meets with Revolut bosses in the autumn.