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Gilbert preparing to steer flotation at Revolut

Martin Gilbert
Martin Gilbert: hired as chairman (pic: Terry Murden)

Financial services group Revolut, chaired by Scottish financial services veteran Martin Gilbert, appears to be edging towards a flotation as it looks to hire an investor relations team.

The company is not thought to be in any imminent need of further capital but a flotation is said to something it is preparing for “when the time is right”.

Revolut, whose offering has evolved from transferring money across borders to providing a range of mobile app-based financial services for individuals and businesses, is expected to show it has moved into profit when its figures are published in the summer.

It raised $800 million in July last year, valuing the company at $33 billion and making up to 300 of its staff millionaires, but analysts say its current valuation would need to take into account recent stock market falls in the tech sector, including financial technology.

Stockholm-based rival Klarna is said to be trying to raise fresh capital at a valuation well down on the $46 billion price tag put on the business when it raised capital in June last year.

An IPO has been pencilled in for Revolut ever since it hired Mr Gilbert, the founder of Aberdeen Asset Management and co-CEO at Standard Life Aberdeen (now Abrdn).

A Revolut spokesman told The Times that a listing is unlikely to take place this year. “We’ll IPO when the time is right and when we need to,” he said.

The company says it has 18 million retail users, 500,000 business customers and conducts 150 million transactions a month. It is looking to add 250 to its 3,500-strong payroll.

Founder and chief executive Nik Storonsky, 37, was born in Moscow, the son of a Russian mother and a Ukrainian father. Revolut has suspended its business in Russia and Belarus.

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