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,