Revolut starts secondary share sale based on $115B valuation - report

Revolut (REVOLUT), the closely held fintech giant, has started the process that allows some of its employees to sell their shares in the company at a $115B valuation, according to a media report on Wednesday.

The company spokesperson confirmed to Seeking Alpha that a secondary share sale process is underway but declined to provide any details. 

 "As is standard, we won't comment on the details while the process is ongoing, and we'll provide an update once it has completed," the spokesperson said in an email.

Bloomberg News, citing a company memo, said the sale is valuing each share at $2,017, giving Revolut (REVOLUT) a total valuation of $115B, a number it had reported last month.

"Revolut’s momentum over the past twelve months, underpinned by the strong fundamentals of the business and our continued expansion into new markets, has attracted significant demand from new and existing investors," Revolut CEO Nik Storonsky said in the memo, according to the Bloomberg report.