Revolut’s valuation has been upgraded by one of its best-known shareholders, implying a rise to $48bn.
The upgrade by Schroders Capital Global Innovation Trust plc, an investment trust managed by Schroders, is an 85% jump compared to the valuation it gave the London fintech a year ago. The trust controls a small stake in the Revolut which it says is now worth £14.6m, a near-tripling compared to the £5.4m valuation it gave the shares just two years ago.
The implied company valuation is higher than the $45bn milestone achieved by Revolut in a secondary share sale last summer, though lower than the $60bn value some shareholders are reportedly pushing for in a future share sale.
Schroders’ upgrade of its Revolut shareholding came despite an overall 33.7% downgrade in the value of the portfolio held by the trust.
“The position in Revolut provided a bright spot,” Schroders said, “following another successful year,” citing customer growth, a rise in deposits and the award of a UK banking licence.
“With these developments, the company is well set to continue its impressive growth journey.”
The trust is now in the process of an “orderly managed wind down” after shareholders voted for it to be closed at a general meeting late last month. That means it will now begin a process of selling down its portfolio to return cash to shareholders, and its stake in Revolut could be up for grabs.
However, the trust has said it will “focus on exits that align with planned company events” such as “trade sales or IPOs,” so it could hold off disposing of its stake until Revolut pushes ahead with its long-touted flotation.
It comes as Revolut prepares to ramp up its crypto marketing effort with a number of new hires across Europe.
The London fintech is hiring product marketing managers for crypto in the UK, Poland, Spain and Portugal, responsible for creating and owning a new marketing strategy for cryptocurrency.
The new crypto recruits follow the launch of the Revolut X mobile crypto trading app earlier this week for UK and EEA users.
The platform will enable customers with an account in these regions to trade over 400 crypto pairs and more than 220 digital tokens on the go, Revolut said. It follows the launch of the desktop version of the platform late last year.
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