The British fintech company Revolut was valued at $75 billion in a secondary share sale, placing it in the league of Europe’s largest traditional banks, a source close to the company said.

Founded in 2015, Revolut quickly became a leader in offering financial services via smartphones, initially focusing on easy currency exchange and transfers between customers.

According to the source, company employees are being given the opportunity to sell their shares at the new $75 billion valuation—significantly above the previous $45 billion. Revolut confirmed that a secondary sale of employee shares is currently underway but declined further comment until its completion.

Last month, the Financial Times reported that the company is in talks with investors to raise new capital. Last year, Revolut also received a restricted banking license from the UK regulator, the PRA—an important step toward long-awaited recognition as an official bank in its home country.

The company’s ambition is to compete with established banking giants in Europe and to reach 100 million customers in 100 countries. However, its rapid growth has also brought criticism related to compliance with financial regulations, especially in the areas of fraud prevention and anti-money laundering.

Even so, last year Revolut more than doubled its net profit to £790 million ($1.1 billion), amid a sharp increase in customer numbers. |BGNES