Nik Storonsky, the billionaire founder of Revolut, has reportedly sold a substantial part of his stake in the fintech firm.
- The sale took place through an employee share scheme, with Storonsky’s shares making up a significant proportion of the $500 million transaction.
- Reports suggest that Storonsky’s divestment ranged from 40% to 60%, amounting to an estimated £153 million to £230 million.
- Revolut’s current valuation stands at £34.9 billion, maintaining its position as the highest-valued private tech company in Europe.
- The company’s significant growth includes obtaining a UK banking licence and a record pretax profit of £438 million in 2023.
Nik Storonsky, the co-founder and CEO of Revolut, reportedly divested a major portion of his equity in the fintech company during a recent employee share sale event. Storonsky’s divestment accounted for a substantial share of the secondary offering, reportedly between 40% and 60% of his total shares. This equates to an estimated range of £153 million to £230 million, as reported by City AM.
Despite this significant transaction, it represents only a fraction of Storonsky’s overall holdings, which are valued at approximately £6 billion. Revolut itself refrained from commenting on these reports, as disclosed by media sources.
This transaction placed Revolut’s valuation at a staggering £34.9 billion, reaffirming its status as Europe’s most valuable private technology enterprise. The valuation further solidifies its position as one of Britain’s largest banking entities. Thousands of Revolut employees reportedly participated in this lucrative venture, aimed at enhancing employee liquidity.
Prominent investment entities, including Coatue, D1 Capital Partners, and Tiger Global, were key purchasers in this stock sale. Founded in 2015 in the UK, Revolut initially offered digital payment and international money transfer services, and has since expanded into areas such as cryptocurrency trading and eSIM plans.
In 2023, Revolut announced a noteworthy pretax profit of £438 million, a result influenced largely by prevailing interest rates and a surge of nearly 12 million new retail customers.
Revolut’s strategic evolution also involved acquiring a UK banking licence, albeit with some provisional constraints, after a lengthy period of regulatory uncertainty. This licence allows Revolut to accept deposits and expand lending activities in the UK, where it boasts over nine million customers.
Additionally, the license might bolster Revolut’s aspirations to secure similar authorisation in the US market. Furthermore, Revolut is contemplating a public listing, with the Nasdaq in New York reportedly favoured over the London Stock Exchange.
Nik Storonsky’s share sale represents a strategic move amidst Revolut’s growth and market positioning.
