Revolut, a top neobank that has global aspirations, is making millionaires of many of its employees. It is not just its founders that benefiting from the Fintech’s success but others that have picked up shares in the private company as it has grown. Revolut’s most recent funding round has provided an outsized valuation of the firm at $33 billion. Revolut may be worth even more if it continues to execute on its mission.
According to a report in Sifted, that took the time to parse Companies House information, 76 past and current employees are now millionaires with more than 12 worth $10 million-plus. The information highlights the value that can be created by risk-taking entrepreneurs, along with the employees that sign up for the ride.
While Revolut founders may find themselves billionaires, rewarded for creating something successful, dozens of others have become wealthy. Of course, these shareholders will have to sell these shares to monetize holdings at some point in the future, and there are never any guarantees for early-stage ventures, but Revolut is emblematic of other successful firms in the hot Fintech market that are creating value for their customers and prosperity for its shareholders.
Another important element of the wealth generated by the Fintech is that some former employees are now helping to finance other startups. The cycle of innovation and disruption continues.
The broader lesson here is that policymakers must always work to foster a vibrant startup sector and innovation-driven economy. That is how you create jobs and generate wealth, jobs, and prosperity (and not by bigger government and higher taxes).