Investment bank Schroders has slashed the valuation of its shareholding in Revolut by almost half after the firm was criticised for downplaying red flags from auditors BDO over its revenue statement, according to Finextra.
In a regulatory filing, the Schroders Capital Global Innovation Trust devalued its investment in the bank by around 46%.
The Trust said the value of its stake at 31 December 2022 was £5.4m, compared with £10.1m at 31 December 2021. This implies a similar reduction in the bank’s valuation from $33 billion to $17.7 billion.
Revolut is not the only fintech firm in Schroders’ portfolio facing a downgrade, with the Innovation Trust also marking down its holding in Atom Bank by 31%.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below: