According to reports, the founder of Revolut – one of Europe’s most valuable technology firms – has sold shares in the company worth up $300m (£230m).
Nik Storonsky is the chief executive officer of Revolut. He sold between 40 and 60% of the stock that was sold in last month’s second share sale. Sky News reported that the sale of stock by Britain’s largest fintech company was valued between $200m and $300m.
Storonsky, an ex-Lehman Brothers trader, who founded Revolut in 2015. He retains an estimated $8bn stake in the business.
Revolut announced last month a secondary sales of staff shares to investor to provide “employee liquidity”.
Storonsky was the biggest beneficiary, but no details were provided about the stock that he sold. The sale reportedly netted the staff approximately $500m. Tiger Global Management and D1 Capital Partners were among the investors who bought the staff shares.
Revolut’s secondary share sale values it at $45 billion, higher than other traditional UK banks, including NatWest, which is worth £27.5bn (36bn).
Revolut launched as a prepaid credit card in 2015. It was designed to offer customers free currency exchange. Since then, it has grown to include more than 10,000 employees and 45 million customers in 38 different countries.
The regulators took three years before granting the London-based company a bank licence, eventually granting it in August.
Revolut needed to prove to regulators that it had resolved a number controversies including aggressive workplace culture and delayed account filing. The bank licence was seen by many as an important step in the company’s development. It allows them to offer loans and hold deposits from customers.
Storonsky, criticized regulators in the UK last year for the long licensing process. He said it was “hard to run a business” due to the high taxes and the “extremely bureaucratic regulator”.
Revolut announced in June that it would relocate to a new global HQ at Canary Wharf, London. The company reported revenue in 2023 of $2.25 billion and a pre-tax profit record of $545 million. It claimed to be on track to reach 50 million customers before the end of this year.
Revolut has declined to comment about Storonsky’s sale of shares.
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