The deal allows London-based staff to sell up to 20% of their holdings, with shares valued at $1,381.06 (£1,029) each. A Revolut spokesperson confirmed the employee share sale is underway but declined to comment further until its completion.

The hefty new valuation puts chief executive Nik Storonsky in line for a bumper payday and would make him one of the UK’s 10 richest businessmen. His pay package is understood to be similar to that of Tesla’s Elon Musk, with gradual pay increases linked to the company hitting specific valuation milestones. Should Revolut meet all its targets, Mr Storonsky’s total available shares could amount to as much as 10% of the company, City AM reports.

By opting for a secondary share sale, which allows private companies to attract new investors without issuing new stock, Revolut joins a fleet of fintech firms remaining private due to subdued public markets.

Mr Storonsky has long been critical of a potential London listing, leaving little hope that the digital bank will float in the City. He has previously called a London IPO “not rational” when compared with the deeper liquidity offered by overseas markets. The fintech chief has also expressed frustration with the UK’s “bureaucracy” as the company continues its lengthy pursuit of a UK banking licence.