Revolut’s CEO, Nikolay Storonsky, is set to divest a portion of his holdings in the company. This decision aligns with a broader initiative to facilitate the sale of shares held by employees and other existing shareholders.
Storonsky’s stake in the British financial technology firm is valued in the billions. He intends to sell shares amounting to hundreds of millions of dollars. The exact amount of shares to be sold will hinge on the company’s valuation by new investors and the allocation recommendations from the firm’s advisors.
Revolut has yet to provide an official comment on this development. However, earlier reports indicated that the company is pursuing a valuation exceeding $40 billion, aiming to sell approximately $500 million worth of employee and other existing shares.
In a recent update, Revolut’s chair, Martin Gilbert, mentioned that an initial public offering (IPO) is at least a year away. The company is keeping its options open regarding the location of the listing. This statement coincided with the release of Revolut’s 2023 annual report, highlighting significant financial growth. The report revealed a revenue of $2.2 billion in 2023, marking a 95% increase from the previous year. Additionally, the company’s profit before tax reached a record $545 million, and it gained 12 million new customers, bringing the total to 45 million.
Revolut remains focused on securing a U.K. banking license and anticipates continued growth in the coming years. The company has also set its sights on expanding in the Asia-Pacific (APAC) region, with plans to accelerate growth in markets such as Australia, New Zealand, and Singapore. This strategic focus underscores Revolut’s commitment to broadening its global footprint and reshaping the financial services sector.
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