(Reuters) -Revolut has launched a secondary sale of its shares valuing the financial technology giant at $75 billion, a source familiar with the company said on Monday, as the London-based group
Revolut Initiates Secondary Share Sale Valued at $75 Billion
(Reuters) -Revolut has launched a secondary sale of its shares valuing the financial technology giant at $75 billion, a source familiar with the company said on Monday, as the London-based group doubles down on its expansion plans to rival bigger lenders.
Revolut, which has emerged as the most successful of a handful of European fintechs founded in the past decade with a digital-only model, was valued at $45 billion last year through a share sale from new and existing investors.
"An employee secondary share sale is currently in process, and we won't be commenting further until it is complete," a spokesperson for Revolut said in an emailed statement on Monday.
The share sale was first reported by Bloomberg News, which said the process valued each Revolut share at $1,381.06.
In April, the fintech company more than doubled its reported annual profit, boosted by strong crypto trading, interest income, and card fees, and said that it expected to start operating as a UK bank this year.
(Reporting by Raechel Thankam Job and Yamini Kalia in BengaluruEditing by Tomasz Janowski and Susan Fenton)
