Odaily Planet Daily reported on Monday that British fintech giant Revolut has launched a secondary share sale to employees, a transaction that values the company at $75 billion. The London-based company is stepping up its expansion efforts to challenge larger traditional banks.

A Revolut spokesperson said in an emailed statement on Monday: "The secondary employee stock sale is ongoing and we will not comment further until it is completed." Bloomberg News said the round of transactions valued Revolut shares at $1,381.06 per share.

In April, the fintech company reported a more than doubling of its annual profit, thanks to strong cryptocurrency trading, interest income and card fees, and said it expected to begin operating as a UK bank this year. [Reuters]