Revolut's CEO to Sell Part of Multibillion Dollar Stake in $500 Million Share Sale

In a recent development, Nikolay Storonsky, the CEO of British fintech company Revolut, is reportedly planning to cash in on a portion of his multibillion dollar stake in the company. According to a report by Sky News, Storonsky will participate in a share sale worth $500 million.

Last month, the Financial Times revealed that Revolut is working with bankers on the share sale, which may also include shares held by employees. If successful, this share sale could potentially value the digital finance app at over $40 billion.

The exact size of Storonsky's stake in the company remains unclear, and the final scale of his disposal will depend on Revolut's ability to attract new investors and the decisions made regarding allocation of shares.

When questioned, Revolut declined to provide any comments on the matter, keeping the details of the share sale under wraps. The company has expressed its intention to go public in the future, but its interim CFO, Victor Stinga, did not provide any specific timeline for an initial public offering (IPO).

Revolut's phenomenal success has been evident in its financial performance. In 2023, the company achieved a record pretax profit of £438 million ($553.8 million), driven by strong user growth and a significant increase in interest-related income. With these figures, Revolut aims to solidify its position as Europe's most valuable startup.

Additionally, Revolut has applied for a banking license in the UK, a process that has been ongoing for three years. The company is still awaiting approval from regulatory authorities.

As Revolut continues to make waves in the fintech industry, Storonsky's decision to cash in on his stake in the company could be seen as a strategic move to unlock additional capital and support further growth. The share sale will likely attract significant attention from investors eager to be a part of Revolut's journey.

It remains to be seen how this share sale will impact Revolut's future plans, including its potential IPO. Nevertheless, the fintech giant's success and ongoing efforts to expand its services have positioned it as a leading player in the global financial landscape.