The investment, disclosed in a stock market update this morning, was part of Revolut’s latest Series E funding round.
The listed Schroders UK Public Private trust (SUPP), formerly Neil Woodford’s Patient Capital Trust, has dipped its toe back in the fintech waters, investing $13.7m into digital banking service Revolut.
The private asset manager joins as a new investor alongside joint leads, and fellow first-time investors in Revolut, SoftBank Vision Fund 2 and Tiger Global Management.
"This investment is a clear statement of our intent for the company's future strategy. 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,” joint Portfolio Managers Tim Creed and Ben Wicks, said.
“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."
The investment in Revolut is the second by the trust since its appointment in December 2019 and with £471m to play with, we can only imagine more fintech investments are just around the corner.
SUPP’s last investment was a $6.7m boost to cybersecurity firm Tessian, marking the first investment since Schroders took over the Woodford Patient Capital Trust in December 2019, following the collapse of Neil Woodford’s asset management business.
Revolut is currently the UK’s most valuable fintech, and one of the largest in Europe, following its Series E fundraise.
The fresh cash is intended to help Revolut realise its ‘super app’ dream, as well as put it on track for its ambitious growth plans.