Revolut valuation reaches $115 billion, source says

British digital bank Revolut reached a valuation of $115 billion on Wednesday following a secondary share sale, a source close to the deal said.

The reported valuation is more than 50 percent above the $75-billion valuation Revolut achieved in September.

A secondary share sale involves existing shareholders selling stock to other investors, rather than the company issuing new shares.

Revolut said in a statement that a secondary share sale process was underway. The company said it would not comment on details while the process was ongoing and would provide an update after it was completed.

The source said Revolut is now worth more than long-established UK bank Barclays, which is worth almost $95 billion, but remains far behind HSBC, valued at almost $350 billion.

Revolut was founded in 2015 and has millions of customers in more than 40 countries. It has been a leader in offering financial services through smartphones, initially focusing on currency exchange and transfers.

The company obtained a full UK banking licence from regulators in March, removing restrictions on its ability to compete with established retail lenders in its home market. It had already secured similar authorization in the European Union.

The full UK licence allows Revolut to lend to customers in Britain and gives those customers stronger financial protections. The fintech company is still awaiting a US banking licence.

Revolut's rapid growth has drawn criticism in recent years over its ability to comply with financial regulations, especially rules aimed at combating fraud and money laundering.