Revolut might not be to every investor’s taste but one firm cracking open the champagne was Molten Ventures.
The venture capital boutique said the value of its stake in the banking app has more than doubled to £160million.
It comes after Revolut, which secured a banking licence in July after a three-year wait, was this month valued at £35billion after selling nearly £400million worth of shares.
Revolut is Europe’s most valuable start-up, worth more than banking giants Barclays and Lloyds
The share sale solidified Revolut’s position as Europe’s most valuable start-up – and made it worth more than Barclays and Lloyds.
In an investor update, Molten Ventures said its Revolut stake is worth an extra £95million. The stake had previously been valued at £65million in March this year.
Molten Ventures’s chief executive Martin Davis said: ‘Revolut has recently gone from strength to strength. It is great to see the business able to reward its people for their contribution to its growth, and at a valuation which provides significant upside to our own.’
Shares rose 2,9 per cent, or 11.5p, to 406.5p.
Elsewhere, water firms had that sinking feeling as Pennon, which owns South West Water (SWW), lost ground.
It came after environmental regulator the Environment Agency warned it is considering legal action against SWW following a sewage spill in Devon.
Swimmers were told to avoid going into the sea at Exmouth beach last week after a sewer burst on private land near waste water treatment works in Maer Lane.
Clarissa Newell, regulatory manager at the Environment Agency, told BBC Radio Devon this could range from a warning to prosecution.
South West Water said it had temporarily fixed the broken sewer pipe. But the spillage has prompted concerns about the impact on local tourism.
Shares in Pennon dropped 2.5 per cent, or 15p, or 591p. Rivals Severn Trent (down 2.5 per cent, or 62p, to 2470p) and United Utilities (down 1.1 per cent, or 11p, to 973.2p) also struggled.
South West Water covers 1.8m customers across Cornwall, Devon, the Isles of Scilly and parts of Dorset and Somerset. It is the latest scandal for the group after customers in Devon became sick after drinking parasite-contaminated water in May.
And last month water regulator Ofwat expanded its probe into sewage spills across the industry, with all 11 companies in England and Wales under review.
The FTSE100 crept up 0.12 per cent, or 10.11 points, to 8283.43 and the FTSE250 added 0.96 per cent, or 201.04 points, to 21,187.19.
UK borrowing ballooned last month due to a rise in public sector spending, figures from the Office for National Statistics show.
A rebound in iron ore prices, fuelled by hopes of a recovery for China’s embattled property sector, lifted mining stocks.
Anglo American added 1.5 per cent, or 33.5p, to 2277.5p and Rio Tinto rose 1.2pc, or 58.5p, to 4835.5p.
But BT fell for a second day as investors reeled from Sky’s broadband partnership with network provider CityFibre.
Shares, which sank 6.4 per cent on Tuesday, fell 1.1pc, or 1.5p, to 134.8p.
Shares in Watkin Jones crashed 32.8 per cent, or 16.7p, to 34.2p after the housing developer warned a slump in deals will hit profits.
The group is unlikely to complete any further deals this year as trading over the summer has been affected by uncertainty over the pace of interest rate cuts.
As a result, profits should come in between £10million and £12million for the 12 months to 30 September but are unlikely to be higher next year.
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