Revolut Founder Sells Up to $300 Million in Company Shares

Nik Storonsky, the founder and chief executive of Revolut, one of Europe’s most valuable technology companies, has reportedly sold shares worth up to $300 million in the firm. Storonsky offloaded between 40% and 60% of the stock in last month’s secondary share sale, with the total transaction estimated to be valued between $200 million and $300 million.

Storonsky, who was formerly a trader at Lehman Brothers, founded Revolut in 2015 and still holds a stake in the company valued at approximately $8 billion. Last month, Revolut announced that a secondary sale of staff shares had been arranged to provide “employee liquidity.” While Storonsky benefited from this sale, the company did not disclose further details regarding the shares he sold, although the total amount netted by staff was estimated to be around $500 million. The buyers included institutional investors such as Tiger Global Management, Coatue, and D1 Capital Partners.

The secondary sale valued Revolut at $45 billion, surpassing the valuations of some of the UK’s traditional banks, including NatWest, which is valued at around $36 billion.

Revolut, which began as a prepaid card provider offering free currency exchange, has expanded significantly since its launch in 2015. The company now employs over 10,000 people and serves 45 million customers across 38 countries.

The London-headquartered firm received its banking license in July after a three-year wait. During this period, Revolut had to address several regulatory concerns, including delayed financial filings and a culture criticized for being overly aggressive. The banking license is considered a critical step in Revolut’s growth, allowing it to hold customer deposits and offer loans under its own brand.

Last year, Storonsky criticized the lengthy licensing process, describing the regulatory environment in the UK as “extremely bureaucratic” and challenging for businesses due to high taxes.

Revolut, which announced in June its plans to move its global headquarters to Canary Wharf in London, reported revenues of $2.2 billion in 2023, along with a record pre-tax profit of $545 million. The company also stated it expects to surpass 50 million customers by the end of the year.

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