By Paul HalsallDevolver Digital, the digital payments startup that has become a darling of Wall Street, is paying out £1bn in dividend payments to its employees, a move that could signal the start of an expansion into other areas of its business.
In a filing with the UK Securities and Exchange Commission (SEC) on Tuesday, the company revealed that it had made £1,217m in dividends since the start for employees of its UK digital payments unit in June 2017.
In total, the payout includes £1m to employees of the unit and £1 million to its shareholders.
The payments represent the latest in a string of moves for the company, which raised $1.3bn in funding in June 2018, making it one of the largest publicly traded companies in the UK.
The payments were part of a broader fund that was to include a £1 billion float in the company.
At the time, the fund manager, Capital Partners, was said to have been looking for a way to use the cash to further expand into the digital space, including to launch an expansion in the US.
It is unclear what other deals the company has struck to date.