50% Jump: Revolut Begins Secondary Share Offering at a Valuation of $115 Billion

British fintech company Revolut has launched another round of secondary share sales by employees at a total valuation of $115 billion, according to Bloomberg. This is 53% higher than the valuation the digital bank received in November following a similar share sale. At that time, Revolut’s total valuation stood at $75 billion.

According to internal correspondence reviewed by Bloomberg, each Revolut share will be valued at $2,017 as a result of the secondary offering. “Revolut’s success over the past 12 months, backed by strong business fundamentals and our ongoing expansion into new markets, has attracted significant demand from new and existing investors,” Revolut CEO Nick Storonsky noted in a letter to employees. “I’m pleased that you now have another opportunity to realize liquidity on your shares,” he added.

Bloomberg sources reported about two months ago that Revolut was considering a secondary share offering that could value the fintech company at $115 billion. Before going public, Revolut aims to reach a valuation of up to $200 billion, the Financial Times reported in April. At that time, Storonsky said he did not plan to take the company public until at least 2028—and that the bank intends to conduct several more secondary offerings before then.

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