Revolut shareholder Schroders has upgraded the value of its stake in the company by 85%, implying a valuation of $48bn.
Founded by Nikolay Storonsky and Vlad Yatsenko in 2015 as a financial travel app, Revolut has since expanded into a range of different services, including business banking, travel insurance, savings and stock trading.
An investment trust managed by Schroders Plc disclosed a £6.7m writeup for its Revolut holding on March 28. That brought the valuation of the stake held by Schroders Capital Global Innovation Trust to £14.6m as of the end of last year, from £7.9m the year before.
While Schroder’s stake in Revolut is small, it implies a valuation of $48bn, up from $25.7bn last year and $3bn more than the valuation the company secured in August through a secondary share sale.
The figure is still below the $60bn valuation some shareholders are reported to be pushing for in a future share sale. Revolut declined to comment on the results.
While Schroders’ growth holdings saw a decrease in value of 8.9% over the 12-month period, the upward revaluation of Revolut was “a bright spot” in their portfolio.
“With these developments, the company is well set to continue its impressive growth journey,” the note said, citing the August secondary share sale and the securing of its long-awaited UK banking licence in July. The fintech is said to be hiring hundreds of new bank staff as it preps to become a fully licenced bank.
