Nik Storonsky, the founder of Revolut, has reportedly divested up to 60% of his stake in the fintech company during a recent employee share sale.
- This divestment forms a significant part of the $500 million secondary share sale, with Storonsky’s portion estimated between $200m and $300m.
- Despite this sale, the shares reportedly sold by Storonsky are only a fraction of his total stake, which is valued at around $8 billion.
- Revolut’s valuation was bolstered to approximately $45 billion, maintaining its status as Europe’s most valuable private tech enterprise.
- The employee share sale saw significant participation from investment heavyweights like Coatue, D1 Capital Partners, and Tiger Global.
Nik Storonsky, the billionaire founder and CEO of Revolut, has executed a major divestment in his stake in the company amid a recent employee share sale. Media reports reveal that Storonsky sold between 40% and 60% of his shareholding, amounting to an estimated $200 million to $300 million of the $500 million secondary sale, as per City AM.
Even with this substantial sale, Storonsky’s shares represent only a minor fraction of his entire stake, which is valued around $8 billion. Revolut, headquartered in London, has opted not to comment on these speculative reports, adding a layer of intrigue to the proceedings.
The strategic move reflects Revolut’s valuation surge to an impressive $45 billion, reinforcing its position not only as Europe’s top-valued private tech enterprise but also as one of Britain’s leading banks. This valuation underscores the company’s robust growth trajectory since its inception.
Insights into the transaction suggest a wide-scale employee involvement in the share sale, termed by Revolut as a step ‘to provide employee liquidity’. The transaction caught the interest of significant investors, including Coatue, D1 Capital Partners, and Tiger Global, who were key participants in the share acquisition.
Founded in 2015, Revolut has transcended its initial role as a digital payment platform, expanding its service offerings to include cryptocurrency trading and eSIM plans, demonstrating exponential growth. In 2023, it recorded a remarkable pretax profit of £438 million, driven by higher interest rates and a surge in new retail customers.
The company’s user base is on the cusp of surpassing 50 million globally by the year-end. Further strengthening its position, Revolut secured a UK banking licence earlier this year, despite temporary restrictions, enhancing its ability to hold deposits and expand lending in its market of over nine million customers.
Meanwhile, Revolut is also weighing the option of a public offering, with reports suggesting a preference for listing on the Nasdaq in New York over the London Stock Exchange. This move could further solidify its international stature and investor appeal.
Nik Storonsky’s strategic reduction of his stake signifies a pivotal moment for Revolut amidst its expansive growth journey.
