Nik Storonsky Sells Up to $300 Million in Revolut Shares Amid Company’s Expansive Growth
Founder Offloads Significant Stake in Secondary Sale, Boosting Revolut’s Valuation to $45 Billion
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Founder Offloads Significant Stake in Secondary Share Sale, Valuing Revolut at $45 Billion
Nik Storonsky, the founder and CEO of Revolut, one of Europe’s most valuable fintech companies, has reportedly sold shares worth up to $300 million in a recent secondary share sale. The sale, conducted last month, saw Storonsky divest between 40% and 60% of his holdings, translating to a transaction valued between $200 million and $300 million. Despite this substantial sale, Storonsky retains a significant stake in Revolut, estimated at approximately $8 billion.
The secondary sale, aimed at providing “employee liquidity,” was part of a broader transaction that saw staff net around $500 million. Institutional investors, including Tiger Global Management, Coatue Management, and D1 Capital Partners, were among the buyers. This sale valued Revolut at $45 billion, eclipsing the valuations of some traditional UK banks, such as NatWest, which is valued at around $36 billion.
Founded in 2015 by former Lehman Brothers trader Storonsky, Revolut began as a prepaid card provider and has since grown into a major player in the fintech sector. With over 10,000 employees and 45 million customers across 38 countries, the company has significantly expanded its offerings. It recently obtained a banking license, a pivotal step that allows it to hold customer deposits and offer loans under its own brand.
Last year, Revolut reported revenues of $2.2 billion and a record pre-tax profit of $545 million. The company also expects to surpass 50 million customers by the end of the year. The move to relocate its global headquarters to Canary Wharf in London reflects its continued growth and ambitions.
Storonsky’s criticism of the UK’s regulatory environment, which he described as “extremely bureaucratic,” highlights the challenges faced by fintech companies navigating complex regulatory landscapes. Despite these hurdles, Revolut’s progress underscores its significant role in reshaping the financial services industry.
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