Revolut Investor Cuts Firm’s Valuation by 40%
The European venture capital firm Molten Ventures wrote down its stake in Revolut by 40%, from around $115 million in March 2022 to around $70 million this March, according to its annual report. Molten is the third Revolut investor to mark down its investment in the UK based fintech this year, following Triplepoint Capital and Schroders, which cut their valuations of Revolut in February and April, respectively.
Fintech valuations have been hit hard across the board in recent months, though Revolut has had a particularly rocky year. The Bank of England has indicated that it plans to reject Revolut’s application for a UK banking license, Revolut’s auditor has said it couldn’t verify the company’s 2021 revenue and the fintech firm has lost its CFO and head of UK banking. In an interview with City A.M., Molten Ventures CEO Martin Davis suggested uncertainty around Revolut’s path to profitability and its efforts to acquire a UK banking license contributed to the valuation cut.