(Bloomberg) -- GoCardless has picked Lazard Inc. to advise on a roughly $200 million secondary share sale, as the British fintech firm joins bigger rivals such as Monzo and Revolut in providing investors and early employees liquidity for their stakes.
The share sale by the London-headquartered unlisted upstart has garnered interest from both current and new investors, according to two people familiar with the matter. The transaction is expected to close in the new year, said one of the people, who all asked not to be identified discussing non-public information.
The move means long-term stakeholders in the 13-year-old company will be able to sell down 30% of their holding while new investors will be able to acquire 10% of shares, the person said.
Representatives for both GoCardless and Lazard declined to comment.
GoCardless processes $50 billion in payment transactions annually from 95,000 customers across more than 30 countries. In June, it completed its acquisition of payments firm Nuapay.
The fintech was last valued at $2.1 billion after a 2022 funding round led by Permira, with BlackRock Private Equity Partners joining as new investors. The latest valuation is yet to be disclosed. Accel, Balderton Capital and GV, the investment arm of Alphabet Inc., are also investors in the company.
The secondary share sale is the industry’s latest in recent months. Monzo Bank Ltd. said a similar move allowed it to give employees liquidity for their stakes and valued the company at $5.9 billion, while Revolut Ltd. allowed employees to offer up their shares in a $500 million secondary offering that valued the firm at $45 billion.
--With assistance from Ryan Weeks.
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