Nik Storonsky, the founder and CEO of Revolut, is planning to sell “tens or even hundreds of millions of dollars” of his stake in the fintech in the upcoming secondary share sale in the coming weeks, Sky News reported.

Although the exact amount of his expected stake dilution remains unknown, the report outlined that it would depend on the valuation the company manages to attract. The exact stake of Storonsky in the fintech is also unknown.

$40 Billion Valuation

According to another Sky News report, the UK-headquartered fintech hired Morgan Stanley to organise a secondary sale round and is eyeing a valuation of $40 billion. In its previous funding round in 2021, the company was valued at $33 billion, making it the largest fintech in Europe. Now, with the new expected valuation, it would even eclipse the market capitalisation of banks like Barclays, NatWest, and Deutsche Bank.

However, the British fintech will not raise any proceeds from the upcoming sale. Rather, it would offer the employees the opportunity to sell their stake to new investors.

Record Numbers

Revolut was founded in 2015 as a challenger bank and makes money from payments, subscriptions, and customers trading stocks and cryptocurrencies. The fintech recently broadened its offering by adding a range of trading instruments, including contracts for differences and bonds with third-party integrations.

The platform has over 40 million customers globally, a third of whom are from the UK. Its competitors, Monzo and Starling, operate only in the UK and have fewer than 10 million customers each. In Europe, Revolut operates with a Lithuanian banking license and obtained a similar license in Mexico. It has also received a payment license in India.

Meanwhile, the company's revenue jumped by 95 per cent to £1.8 billion in 2023, while it turned a pre-tax profit of £438 million. However, it is still waiting to receive a UK banking license for which it applied in 2021.

Nik Storonsky, the founder and CEO of Revolut, is planning to sell “tens or even hundreds of millions of dollars” of his stake in the fintech in the upcoming secondary share sale in the coming weeks, Sky News reported.

Although the exact amount of his expected stake dilution remains unknown, the report outlined that it would depend on the valuation the company manages to attract. The exact stake of Storonsky in the fintech is also unknown.

$40 Billion Valuation

According to another Sky News report, the UK-headquartered fintech hired Morgan Stanley to organise a secondary sale round and is eyeing a valuation of $40 billion. In its previous funding round in 2021, the company was valued at $33 billion, making it the largest fintech in Europe. Now, with the new expected valuation, it would even eclipse the market capitalisation of banks like Barclays, NatWest, and Deutsche Bank.

However, the British fintech will not raise any proceeds from the upcoming sale. Rather, it would offer the employees the opportunity to sell their stake to new investors.

Record Numbers

Revolut was founded in 2015 as a challenger bank and makes money from payments, subscriptions, and customers trading stocks and cryptocurrencies. The fintech recently broadened its offering by adding a range of trading instruments, including contracts for differences and bonds with third-party integrations.

The platform has over 40 million customers globally, a third of whom are from the UK. Its competitors, Monzo and Starling, operate only in the UK and have fewer than 10 million customers each. In Europe, Revolut operates with a Lithuanian banking license and obtained a similar license in Mexico. It has also received a payment license in India.

Meanwhile, the company's revenue jumped by 95 per cent to £1.8 billion in 2023, while it turned a pre-tax profit of £438 million. However, it is still waiting to receive a UK banking license for which it applied in 2021.