Revolut shareholder marks down valuation by billions

A REVOLUT shareholder has written billions off the company’s valuation as the wait for Britain’s most valuable fintech to gain a UK banking licence drags into its fourth year.

US tech investor TriplePoint Venture Growth slashed the value of its stake by 18pc at the end of last year, accounts show, which implies it is worth $23bn (£18bn) , down from $28bn a year ago.

It marks the second time TriplePoint has slashed its internal valuation of Revolut, which was worth $33bn at its peak. TriplePoint was among the first investors to question that valuation, which Revolut secured in 2021, when it wrote down the value of its stake by 15pc last year.

The combined reductions amount to a 30pc decline in Revolut’s value since it was crowned Europe’s most valuable fintech company after an $800m investment from backers including SoftBank. Last year, fellow investors Schroders and Molten Ventures wrote down the values of their stakes, cutting them by 46pc and 54pc respectively.

Although TriplePoint’s writedown is less severe, it comes despite a broad rebound in tech valuations that this week saw rival fintech Monzo secure a £4bn valuation. That was higher than the £3.5bn it was valued at in 2021.

Sajal Srivastava, TriplePoint’s chief investment officer, told Wall Street analysts that the downgrades of Revolut and other fintech companies were because several years had elapsed since they last raised money. However, he said: “We believe they all have the potential for meaningful upside.”

Revolut said it did not comment on investors’ valuations and that the licence application remains ongoing.

Revolut reported a 45pc increase in revenues to £922.5m in 2022, the most recent year for which accounts are available. It fell to a £25.4m loss.