One of the digital bank’s UK investors, a fund managed by Schroders, has indicated that Revolut may be up to 45pc more valuable now than a year ago.
Revolut may have a significantly higher valuation now than it did a year ago based on a recent write-up by one of its investors, UK-based asset management firm Schroders.
The global fintech bank headquartered in London has been rapidly growing its business and expanding into new markets in the past year. Last May, for instance, the digital challenger bank entered the Latin American market with a launch in Brazil.
Now, it sees this growth is paying off in terms of its value. An investment trust managed by Schroders has indicated that Revolut has a valuation that is up to 45pc higher than a year ago, according to a Bloomberg report today (15 April).
Schroders Capital Global Innovation Trust, which had a £5.44m stake in the neobank a year ago, has revised its valuation to £7.88m – indicating a £2.45m write-up, the report suggests. This equates to a valuation jump from $17.7bn a year ago to around $25.7bn now.
The Schroders fund said in its annual report that Revolut had made “solid progress” in the last year, according to Bloomberg, and credited the company with continuing an international expansion of its growing range of services.
Revolut, which has a strong hold over the Irish market as the leading digital bank, has been busy introducing a slew of new services to the payments app.
Last February, the fintech launched a credit card offering for its Irish users, while in March it introduced a car insurance service.
By April, Revolut had introduced joint accounts and group chat functions for users in Europe, as well as completing the process of transferring its Irish customers onto Irish IBANs as part of its strategy to encourage more people to use the app as their primary bank.
Most recently, Revolut announced a significant expansion to its global team in September with new jobs on offer, including two Ireland-based roles focused on developing the company’s new mortgage offerings: a mortgage credit manager and a mortgage product manager.
Last week, Revolut also said that its app for young people aged 6-17 years now has more than 2m customers worldwide. With guardians included, this number jumps to 3.5m.
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