Rapyd Series E Funding Round

Schroder British Opportunities Trust plc

("SBO" or the "Company")

Rapyd Series E Funding Round

Further to the Company's Portfolio Update announcement on 28 April 2021 that one of the Company's private equity investments had completed a further funding round with an increased implied valuation, the Company is pleased to confirm that the private equity portfolio company is Rapyd, the global Fintech as a Service company. Rapyd has completed a $300m Series E funding round led by Target Global, a pan-European growth & venture focused firm and an early stage investor of Rapyd, with participation from new investors including Fidelity Ventures, Altimeter Capital, Whale Rock Capital, BlackRock and Dragoneer, along with existing investors General Catalyst, Durable Capital Partners, Tal Capital, Avid Ventures, and Spark Capital.

The financing comes shortly after Rapyd's acquisition of European payments and card issuing company Valitor for $100 million, and the launch of Rapyd Ventures, the company's venture arm. The additional funds will enable Rapyd to capitalize on emerging opportunities driven by significant demand for Digital Payments, Embedded Finance, and scalable cloud-based payment infrastructure across all segments and verticals. The new funding will be used to continue to building out its global fintech as a service platform and invest in strengthening its network capabilities worldwide. Rapyd will continue to expand its presence across high-growth markets in Europe, Asia-Pacific, the US and Latin America, where its platform can support businesses looking to grow internationally. The business also plans to double down on its channel partnerships strategy, strengthening its footprint across major high-growth markets, and explore additional acquisitions that serve its strategic goals

As announced on 28 April 2021, the pricing of this Series E funding round has resulted in an unaudited uplift in the fair value of the Company's investment of £2.6m, or 3.5 pence per ordinary share, as reported in the unaudited quarterly net asset value as at 31 March 2021 which was announced on 2 June 2021.

Tim Creed, Head of Private Equity Investments at Schroders Capital commented, "We are delighted with the progress that Rapyd has made since our initial investment. This is an exceptional business with a fantastic opportunity so we are pleased to see Rapyd attract further capital and announce this acquisition. The new capital will support further global expansion and the acquisition of Valitor will enhance Rapyd's payment capabilities throughout Europe."

Enquiries:

About Schroder British Opportunities Trust plc

Schroder British Opportunities Trust plc has been established to invest in a diversified portfolio of both public equity investments and private equity investments consisting predominantly of UK Companies with strong long-term growth prospects.

ESG company engagement is a key feature of the Company's investment strategy. The Company's focus is on companies with business models which are considered to be sustainable in terms of both the longevity and durability of their businesses and their environmental, social and governance (ESG) behaviours.

The Company's ordinary shares are listed on the premium listing segment of the Official List of the Financial Conduct Authority and have been admitted to trading on the main market for listed securities of the London Stock Exchange in December 2020 under the ticker "SBO".

Further information on the Company is available at www.schroders.com/sbo.