In today’s briefing:
- Revolut IPO Prospects – Rich Target Valuation Relative to Digital Bank Peers
Revolut IPO Prospects – Rich Target Valuation Relative to Digital Bank Peers
- Management is targeting a USD40bn IPO valuation for Revolut; the last funding round in 2021 valued it at USD33bn, but current year investor valuations have ranged from USD19.9bn to USD25.7bn
- We provide key fintech and bank ratios for the UK digital banks; Revolut is more an FX paytech with a small loan book; Starling is a more “balanced” digital bank
- Relative to its UK unlisted peers and select listed digital peers, Revolut’s target IPO valuation does appear to be rich; it is also still seeking a UK bank licence
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