UK-based fintech unicorn Revolut has reportedly experienced a notable 45% increase in its valuation over the past year, according to an investor update from an investment trust managed by Schroders. As reported by Bloomberg, this adjustment raises the fintech's valuation to an impressive $25.7 billion, up from $17.7 billion the previous year. This current valuation, however, still trails behind the peak $33 billion mark achieved in 2021.
Schroders has hired the former UBS executive Urs Büchi (LinkedIn) for the German market. He will drive private banking in the neighboring country from Zurich. Urs Büchi has been head of wealth management in Germany for the British asset manager since last August. According to a statement on Tuesday, he focuses on expanding this growth market.
Venture capital firm Molten Ventures has written down its holding in Revolut by 40%. and discounted the value of its £7 million stake in Revolut from £91.3m in March last year to £54.5m at the end of March this year. Molten Ventures follows other investors, including Schroders, which devalued its investment in Revolut by approximately 46% in April. These recent events underscore concerns about Revolut's path to profitability and the regulatory challenges it confronts.
The #MeToo movement finally arrived in the financial services industry. Crispin Odey is a British hedge fund manager and the founding partner of Odey Asset Management. In the wake of a Financial Times investigation detailing decades of abuse inflicted by Odey on female staff, the partners at his his hedge fund said they had removed him from the business. The name of the company, which has about $4.4bn of assets under management, will also change.