Revolut founder Nik Storonsky sells shares worth up to $300 million

Nik Storonsky, the driving force behind Revolut, has reportedly sold between 40% and 60% of his shares in the company, a transaction valued at up to $300 million (£230 million). The sale, conducted last month, was part of a secondary offering aimed at enhancing employee liquidity, according to Sky News.

The secondary share sale involved major institutional investors such as Tiger Global Management, Coatue Management, and D1 Capital Partners, who purchased staff shares, contributing to a total staff payout estimated at $500 million. Despite the significant offload, Storonsky maintains a considerable stake in Revolut, valued at around $8 billion.

Revolut, which began in 2015 as a prepaid card service offering free currency exchange, has rapidly evolved into one of Europe’s leading fintech firms. With over 10,000 employees and 45 million customers across 38 countries, the company’s growth is underscored by its recent valuation of $45 billion—outstripping traditional UK banks like NatWest, valued at £27.5 billion ($36 billion).

The sale came on the heels of Revolut securing a crucial banking license in July after a protracted regulatory review. This license is pivotal for Revolut’s expansion, allowing it to hold customer deposits and issue its own loans. The company, which reported revenues of $2.2 billion and a record pre-tax profit of $545 million in 2023, is set to surpass 50 million customers by the end of this year.

Storonsky has previously voiced frustration over the regulatory hurdles faced by Revolut, critiquing the UK’s business environment for its bureaucracy and high taxation. Nonetheless, the company’s move to a new global headquarters in Canary Wharf, London, and its continued financial success highlight its resilience and ambition in the competitive fintech landscape.

Revolut declined to comment on the specifics of Storonsky’s share sale, but the transaction highlights a pivotal moment for the fintech titan as it continues its trajectory of rapid growth and innovation.

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