Revolut starts share sale at $115 billion valuation, source says
Key Details of Revolut's Secondary Share Sale
Confirmation and Overview
July 22 (Reuters) - Revolut's secondary share sale is underway, a spokesperson confirmed to Reuters on Wednesday.
Valuation and Share Price
Share Price and Company Valuation
• The sale will value each share of the British finance app at $2,017, giving Revolut a $115 billion valuation, a person familiar with the sale told Reuters.
Media Reports
• The news was first reported by Bloomberg, citing an internal message to staff.
Comparison to Previous Valuation
• The $115 billion is a more than 50% increase on the $75 billion valuation Revolut reached in a share sale in November last year, which made the 11-year-old business worth more than many publicly listed banks, including Barclays and France's Societe Generale.
Company Statements and Sale Details
Official Comments
• A spokesperson for Revolut declined to comment on the details of the share sale, but said the company would provide an update once it was completed.
Sale Targets
• Revolut was targeting selling at least $750 million worth of shares in a secondary sale, media reports said in June.
Purpose of Secondary Sales
• Secondary sales allow employees and early investors to sell shares in private companies before a public listing.
Company Background
About Revolut
• Founded in 2015, Revolut is one of the most successful European fintech companies, with no physical bank branches.
Reporting Credits
(Reporting by Rishab Shaju in Bengaluru, additional reporting by Elizabeth Howcroft in Paris; Editing by Jonathan Ananda and Alexander Smith)
