Monday 09 August 2021 5:36 pm | Updated: Monday 09 August 2021 7:13 pm

Former Woodford-led fund invests in Revolut

Revolut is among a number of top fintech firms to call for sweeping changes to the stock market and the abolition of stamp duty.

A fund formerly headed by failed money manager Neil Woodford has invested in the UK’s most highly valued privately held tech business, Revolut.

Schroder UK Public Private Trust, formerly known Woodford Patient Capital Trust, announced today it had acquired a small stake in the fintech.

The fund invested $13.7m as part of the fintech’s recent $800m ‘Series E’ funding round, which valued the company at $33bn, making it the highest valued privately held tech company in UK history.

Tim Creed and Ben Wicks, portfolio managers at Schroders, said: “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.”

Schroders were appointed to run the fund after the collapse of Neil Woodford’s investment business in 2019.

The Revolut investment is the second made by Creed and Wicks since they took over the fund.

“This investment, as with Tessian, is a clear statement of our intent for the company’s future strategy,” Creed and Wicks added.

Revolut was founded in 2015 and garnered interest among consumers for its low cost pre-paid travel cards.

Similar to Monzo, another digital bank, the firm branched out its banking activities after generating loyalty among consumers, offering an app-only alternative for consumers to manage their money.