TriplePoint Venture Growth BDC Corp. has slashed the value of the its stake in Revolut Ltd. by 15%, implying a drop in the valuation for one of the UK’s biggest startups, the Telegraph reported, without saying where it got the information.
(Bloomberg) —
TriplePoint Venture Growth BDC Corp. has slashed the value of the its stake in Revolut Ltd. by 15%, implying a drop in the valuation for one of the UK’s biggest startups, the Telegraph reported, without saying where it got the information.
TriplePoint bought 25,920 Revolut shares in 2017 and last week cut their fair value from $10.1 million to $8.6 million, the Telegraph reported. The change signals a valuation of $28 billion for the fintech company, down from $33 billion in 2021, the paper said.
BDO LLP, Revolut’s auditor, said this week that it was unable to satisfy itself on the “completeness and occurrence” of almost three-quarters of the fintech company’s revenue in 2021. That report showed the firm making its first annual profit in 2021 after nearly tripling its revenue.
Read More: Revolut’s Auditor Had Questions Over Three-Quarters of Revenue
Revolut applied for a banking license in the UK in 2021 and is still waiting for a decision from the UK’s Prudential Regulation Authority. The company is “nearly there” with gaining its UK banking license, Chief Financial Officer Mikko Salovaara said this week.
A spokesman for Revolut told the Telegraph that the company doesn’t engage in speculation about its valuation and has continued to perform strongly since its last funding round that generated the $33 billion valuation.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.