UK finance app Revolut says secondary share sale is underway

July 22 (Reuters) - Europe's most valuable financial technology firm Revolut's secondary share sale is underway, a spokesperson confirmed to Reuters on Wednesday.

Here are some details:

  • The sale will value each share of the British finance app at $2,017, giving the company a $115 billion valuation, a Bloomberg report said on Wednesday, citing an internal message to staff.

  • Revolut's spokesperson declined to comment on the details of the share sale, but said the company would provide an update once it was completed.

  • The fintech firm was targeting selling at least $750 million worth of shares in a secondary sale, according to media reports in June .

  • Late last year, Revolut confirmed it had completed a secondary share sale valuing it at $75 billion, making the 11-year-old business worth more than many publicly listed banks, including Barclays BARC.L and France's Societe Generale SOGN.PA.

  • Secondary sales allow employees and early investors to sell shares in private companies before a public listing.

  • Founded in 2015, Revolut is one of the most successful European fintech companies, with no physical bank branches.


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