Storonsky reportedly sold $300m worth of stake in fintech

The sale valued Revolut at $45 billion, cementing its status as both Europe’s most valuable private technology company and one of Britain’s biggest banks

Revolut’s billionaire founder and chief executive Nik Storonsky reportedly sold up to $300 million worth of his stake in the fintech during an employee share sale last month.

Storonsky’s shares accounted for between 40% and 60% of the stock offloaded in the roughly $500 million secondary share sale that finished in August, according to media reports.

That would mean he offloaded somewhere between $200 million and $300 million worth of his holding in the London-based banking app.

Still, the figure represents just a small portion of Storonsky’s overall stake, estimated to be worth in the region of $8 billion.

The sale valued Revolut at $45 billion, cementing its status as both Europe’s most valuable private technology company and one of Britain’s biggest banks.

It is understood that several thousand of Revolut’s staff participated in the share sale, which the firm said last month was designed to provide employee liquidity.

Coatue, D1 Capital Partners and Tiger Global were among the investors to buy shares from employees.

Revolut was founded in 2015 as a digital payments and money transfer app in the UK before expanding globally and offering a range of services, from crypto currency trading to an eSIM plan.

It booked a record pretax profit of $575.60 million in 2023 on the back of higher interest rates and attracting nearly 12 million new retail customers over the year. The firm expects its global user base to surpass 50 million by the end of this year.

Revolut’s challenge to high street lenders received another boost earlier this summer when it secured a UK banking licence, subject to temporary restrictions, after over three years in regulatory limbo amid audit issues, criticism of its corporate culture and the delayed filing of its accounts.