Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Private Capital Markets

Revolut Limited / Private Capital Markets

<ul>
<li>Management is targeting a USD40bn IPO valuation for Revolut; the last funding round in 2021 valued it at USD33bn, but current year investor valuations have ranged from USD19.9bn to USD25.7bn</li>
<li>We provide key fintech and bank ratios for the UK digital banks; Revolut is more an FX paytech with a small loan book; Starling is a more “balanced” digital bank</li>
<li>Relative to its UK unlisted peers and select listed digital peers, Revolut’s target IPO valuation does appear to be rich; it is also still seeking a UK bank licence</li>
</ul>


Management is targeting a USD40bn IPO valuation for Revolut; the last funding round in 2021 valued it at USD33bn, but current year investor valuations have ranged from USD19.9bn to USD25.7bn
We provide key fintech and bank ratios for the UK digital banks; Revolut is more an FX paytech with a small loan book; Starling is a more “balanced” digital bank
Relative to its UK unlisted peers and select listed digital peers, Revolut’s target IPO valuation does appear to be rich; it is also still seeking a UK bank licence


Revolut IPO Prospects – Rich Target Valuation Relative to Digital Bank Peers

Independent in-depth research from Finimize, Finimize

Finimize Research

Independent in-depth research from Finimize

Finimize

Finimize is the #1 information platform for modern investors. We empower people to become smarter investors with bitesize insights from world-class analysts. 1 million+ strong community, 250 partners.

Equity Capital Markets

<ul>
<li>With 53 million users, a shiny new UK banking license, and IPO buzz building, now feels like a good moment to take a closer look.</li>
<li>Revolut’s on track to become one of the world’s most valuable neobanks. Based on a $45 billion valuation, its implied PER is 28x, thanks to expected strong growth rates.</li>
<li>Assuming revenue and profit growth from 2025 to 2030 tapering from 50% to 10%,  a simple DCF makes the $45 billion valuation look rich.</li>
</ul>


With 53 million users, a shiny new UK banking license, and IPO buzz building, now feels like a good moment to take a closer look.
Revolut’s on track to become one of the world’s most valuable neobanks. Based on a $45 billion valuation, its implied PER is 28x, thanks to expected strong growth rates.
Assuming revenue and profit growth from 2025 to 2030 tapering from 50% to 10%,  a simple DCF makes the $45 billion valuation look rich.


Revolut-Ion Ahead: What To Know Before The $45 Billion Fintech IPO

Specialising in Fintech - Research and Development, Kiitot

Tatja Karkkainen

Specialising in Fintech - Research and Development

Kiitot

Tatja specialises in digital assets and machine learning. She has authored a number of academic papers relating to network effects, financial inclusion, crypto futures and FOMO. Her interest lies especially in predicting long term value. She has had a long and successful track record in institutional investor relationship management, IT and alternative investments. PhD in (Finance) Fintech, MA in Politics, BA in International Relations and Politics. CAIA, IMC, Series 3.

Thematic (Sector/Industry)

<ul>
<li>Wise reports a stickier deposit mix than Revolut and is likely to outline an evolutionary service roadmap when it releases FY-25 results on 5 June.</li>
<li>FTSE-100 lift-off in dollar terms Wise’s September promotion is set to trigger roughly $0.7 – $1.1 billion of forced buying from index-tracking funds.</li>
<li>Management is willing to fund a selective business product push, adding payroll, treasury and deeper API integrations for SMEs.</li>
</ul>


Wise reports a stickier deposit mix than Revolut and is likely to outline an evolutionary service roadmap when it releases FY-25 results on 5 June.
FTSE-100 lift-off in dollar terms Wise’s September promotion is set to trigger roughly $0.7 – $1.1 billion of forced buying from index-tracking funds.
Management is willing to fund a selective business product push, adding payroll, treasury and deeper API integrations for SMEs.


Wise Plc: Low-Cost Brand, High-Quality Client Base for an EMI

United Kingdom

Revolut Limited designs and develops application software. The Company offers money transfers, vaults, budgeting, cryptocurrency, mobile phone, and medical insurance. Revolut serves customers in the United Kingdom.

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Revolut Limited (1304654D LN)

Revolut IPO Prospects – Rich Target Valuation Relative to Digital Bank Peers

Revolut targets a USD40bn IPO valuation, but recent investor valuations range from USD19.9bn to USD25.7bn; compared to a broad peer group,...

Victor Galliano

Revolut-Ion Ahead: What To Know Before The $45 Billion Fintech IPO

With 53 million users, a shiny new UK banking license, and IPO buzz building, now feels like a good time to look at Europe's most valuable tech...

Finimize Research

Wise Plc: Low-Cost Brand, High-Quality Client Base for an EMI

Wise combines the low cross-border fees in fintech with a stickier, higher-quality deposit base, and its FY-25 results are due tomorrow with colour...

Tatja Karkkainen

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Revolut IPO Prospects – Rich Target Valuation Relative to Digital Bank Peers

​Revolut targets a USD40bn IPO valuation, but recent investor valuations range from USD19.9bn to USD25.7bn; compared to a broad peer group,...

Victor Galliano

Revolut-Ion Ahead: What To Know Before The $45 Billion Fintech IPO

With 53 million users, a shiny new UK banking license, and IPO buzz building, now feels like a good time to look at Europe's most valuable tech...

Finimize Research

Wise Plc: Low-Cost Brand, High-Quality Client Base for an EMI

Wise combines the low cross-border fees in fintech with a stickier, higher-quality deposit base, and its FY-25 results are due tomorrow with colour...

Tatja Karkkainen

Revolut targets a USD40bn IPO valuation, but recent investor valuations range from USD19.9bn to USD25.7bn; compared to a broad peer group,...