Schroders has almost halved the valuation of its stake in Revolut, dealing a further blow to the FinTech’s efforts to secure a UK banking licence amid reports that over two thirds of its 2021 revenues may have been “materially misstated”.

Schroders Capital Global Innovation Trust’s 2022 financials showed a writedown of 46 per from £10.1 million to £5.4 million in Revolut, Bloomberg reported. The news follows separate reports that TriplePoint, another Revolut shareholder, recently dropped the value of its stake by 15 per cent.

Revolut’s long-delayed 2021 financial results released last month showed £636 million in revenues, but according to the Telegraph, Revolut’s accountant BDO said it was unable to fully verify £477 million of the total due to “flaws in Revolut’s internal systems”.

The accountant told the newspaper that Revolut’s internal IT systems could not provide “appropriate assurance” relating to revenue generation from segments of the business including crypto trading.

Previous reports found that Revolut was confident about obtaining its banking licence in the near future following the publication of its financials. It remains to be seen whether BDO’s comments may affect the FinTech’s efforts.

Commenting on the news, a spokesperson tor Revolut said: "We do not engage in speculation on our valuation. Since our last funding round, in which we were valued at $33bn, Revolut has continued to perform strongly in all its markets, has continued to hire and expand, and reported its first full year of profitability."

Share Story: