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Revolut valuation raised 45% by investor

Revolut valuation raised 45% by investor

With its valuation raised 45% by an investor, UK-based fintech Revolut is pumping $100 million into Mexico as it seeks to cash in on the lucrative Latin American remittance market.

Earlier this week it emerged that Schroders Capital Global Innovation Trust has revalued its small stake in Revolut upward by 45% from £5.44 million to £7.88 million. The change implies Revolut's valuation is $25.7 billion, up from $17.7 billion last year.

However, the Trust's stake's value is still down from £10.1 million at 31 December 2021, when Revolut was valued at $33 billion.

Separately, the company has moved quickly to take advantage of its recently acquired Mexican banking license.

In an interview with Reuters, country lead Juan Miguel Guerra Dávila says $100 million is being invested to hire staff, cover short-term debt and expenses and maintain a strong cash-on-hand balance.

Revolut is hoping to gain a significant share of the huge cross-border remittance market in Mexico - worth around $63 billion last year - but stresses it plans to offer a "wide range of financial products and services".

The Mexico launch comes a year after Revolut landed in Brazil, offering a global account with foreign exchange and remittance capabilities in 27 currencies.

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