What are neobanks worth? That’s a question on many people’s minds, especially the investors and employees of the richly valued fintechs that have been waiting for IPOs to make a comeback.

Overall, neobanks mostly seem to be doing OK, especially those across the pond. But new data from a venture capital firm indicates that at least some investors are still sorting out how to value them: U.K.-based Revolut saw its valuation being reduced earlier this year, and the company is once again in the headlines for reasons that it won’t like. One of Revolut’s backers, Molten Ventures recently reported its own financial performance and the data indicates that Revolut’s valuation is yet again being reexamined.

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Formerly known as Draper Esprit, Molten Ventures is listed on the London Stock Exchange and shares more information about its holdings than most VC firms thanks to its corporate structure. Importantly, this gives us good visibility into its portfolio companies’ changing worth as well. Molten notes that its fair market values for portfolio companies are set by its Audit, Risk and Valuations Committee and are sensitive to public comps.

The latest from Molten contains a wealth of useful data that we’ll dive deeper into in the coming days, but today, let’s focus on Revolut and try to sort the company more neatly with its peers.

Revolut by the numbers

As far as we’re aware, Revolut’s last major funding round was a massive $800 million Series E that afforded it a post-money valuation of $33 billion, per Crunchbase data. That round marked the neobank as not only one of the most valuable fintech startups in the world, but one of the most richly valued private tech companies, period.