Schroder UK Public Private Tst plc Investment in Revolut (9284H)
09 August 2021 - 4:00PM
UK Regulatory
TIDMSUPP
RNS Number : 9284H
Schroder UK Public Private Tst plc
09 August 2021
9 August 2021
Schroder UK Public Private Trust plc
Investment in Revolut
Schroder UK Public Private Trust plc (the "Company") is pleased
to announce it has made a $13.7m investment in the leading
disruptive global neobank, Revolut Limited ("Revolut"). This
represents the second new private equity investment since the
appointment of Schroder Investment Management Ltd as the Company's
Portfolio Manager and a clear demonstration of the continued
progress towards rebalancing the portfolio.
This investment is alongside Revolut's $800m Series E funding
round led by new investors, SoftBank Vision Fund 2 and Tiger Global
Management, valuing the business at $33 billion. The Company has
invested on the same terms as the Series E.
Revolut, the ambitious financial superapp with more than 16
million customers worldwide, plans to use the significant primary
investment to further its growth plans, in particular its ongoing
product innovation aimed at meeting customers' everyday financial
needs and aspirations, from quick and easy global transfers, to
managing everything from savings to insurance, to democratising
wealth and trading. It will also support the expansion of Revolut's
offering to US customers and its entry to India and other
international markets.
This investment is in line with the Company's focus on backing
innovative businesses founded in the UK with disruptive
innovations, significant global growth potential, high quality
management teams and supported by highly reputable co-investors.
The Company is committed to improving its sustainability profile
hence, as communicated in the Annual Report and Accounts for the
year ended 31 December 2020, the Portfolio Manager intends to
disclose where appropriate the United Nations' Sustainable
Development Goals ("SDGs") associated with new investments. The
investment in Revolut is in line with SDG 8 "Decent Work and
Economic Growth" and Target 8.2 "Achieve higher levels of economic
productivity through diversification, technological upgrading and
innovation, including through a focus on high-value added and
labour-intensive sectors".
Tim Creed and Ben Wicks, Portfolio Managers of the Company,
jointly commented: "We are delighted to announce the second new
private equity investment since our appointment as Portfolio
Manager. This investment, as with Tessian, is a clear statement of
our intent for the Company's future strategy. We plan to back high
quality, fast growth, UK businesses, with highly reputable
co-investors and significant global growth potential. Revolut is
the single most high-profile Fintech company to emerge from the UK
offering a full range of banking services for consumers and small
businesses. Across key metrics, Revolut is the clear market leader
relative to its peers, placing it at the forefront of Europe's
nascent Fintech revolution. We are very excited about the
significant opportunity ahead of this highly-disruptive business
and remain optimistic about sourcing other similarly attractive
opportunities as we continue making new investments".
Enquiries:
Schroder Investment Management Limited
Estelle Bibby (Press) 0207 658 3431
Gareth Faith (Company Secretary) 0207 658 5264
About Revolut - one app, all things money
Revolut is building the world's first global financial superapp
to help people get more from their money. In 2015, Revolut launched
in the UK offering money transfer and exchange. Today, more than 16
million customers around the world use dozens of Revolut's
innovative products to make more than 150 million transactions a
month.
Across our personal and business accounts, we help customers
improve their financial health, give them more control and connect
people seamlessly across the world.
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