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Investors can now get exposure to hot UK fintech Revolut

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·Senior City Correspondent, Yahoo Finance UK
·2-min read
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Revolut founder and chief executive Nikolay Storonsky. Photo: Revolut
Revolut founder and chief executive Nikolay Storonsky. Photo: Revolut

A trust formerly run by fallen money manager Neil Woodford has invested in Revolut, the UK's most highly valued private tech business ever.

Schroder UK Public Private Trust (SUPP.L), formerly known as Woodford Patient Capital Trust, said on Monday it had taken a small stake in Revolut. The deal gives investors who buy into the fund some exposure to the fintech giant. 

Schroder UK Public Private Trust invested $13.7m (£9.86m) as part of Revolut's recent $800m 'Series E' funding round. London-based Revolut was valued at $33bn in the deal, making it the most highly valued private UK tech company in history.

Read more: Digital banking startup Revolut worth as much as NatWest as it raises $800m

"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," said Tim Creed and Ben Wicks, Schroders portfolio managers.

"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."

Revolut's payment card. Photo: Revolut
Schroder UK Public Private Trust, formerly known as Woodford Patient Capital Trust, said on Monday it had taken a small stake in Revolut. Photo: Revolut

Revolut was founded in 2015 as a foreign exchange app linked to a spending card but has since grown into a finance "super app" that lets customers do everything from current account banking to stock trading and insurance. The company has over 16 million customers in 35 countries.

The Revolut deal is the second investment made since Creed and Wicks took charge of the ex-Woodford trust. Schroder was appointed to run Woodford Patient Capital Trust in 2019 after the collapse of Neil Woodford's investment business due to a liquidity crisis.

Read more: Fallen stockpicker Neil Woodford closes business and quits funds

The trust invests in innovative public and private British businesses. Top holdings include app-only bank Atom, drug discovery startup BenevolentAI, and biotech company Autolus Theraputics.

"This investment, as with Tessian, is a clear statement of our intent for the company's future strategy," Creed and Wicks said. "We plan to back high quality, fast growth, UK businesses, with highly reputable co-investors and significant global growth potential."

Shares in the Schroder UK Public Private Trust ticked 0.2% higher.

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