Revolut, founded in 2015, was valued at $33 billion in an $800 million Series E round led by investing giants SoftBank and Tiger Global in July 2021. The fintech became popular by enabling customers to spend money worldwide in 150 currencies at a real-time exchange rate with no fees through a debit card. It also offers bank accounts, savings options, plus trading in stocks and cryptocurrencies.
Molten cut the value of its stake in Revolut from £91.3 million last year to £54.5 million as of the end of March. Molten, formerly Draper Esprit, first backed Revolut in 2018 and invested in the company's at a discount to its then-$33 billion valuation. The 40% drop would indicate the fund values Revolut at around $20 billion, slightly more than Schroders who marked the company down to $17.7 billion., citing personal reasons, after two years in the role. The company has also had repeated run-ins with regulators over its accounts and and its attempts to land a UK banking license. As yet, Revolut does not have a license in the UK but the business has had a full banking license in Europe since 2021.
In addition, The company repeatedly missed deadlines to file its 2021 results following a push for stronger internal controls by its auditor BDO after a rebuke by the Financial Reporting Council,
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
See the top US 11 cities for digital nomadsThe top places for digital nomads are miles from the hottest Zoomtowns. Cities in the Midwest and West have an advantage on rents, restaurants, and transportation.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Jeff Bezos kicks off hot yacht summer with Lauren Sanchez: photosInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Source: BusinessInsider - 🏆 729. / 51 Read more »