The founder of Revolut, one of the most valuable technology companies in Europe, has reportedly sold shares worth up to $300m (£230m) in the company.
Nik Storonsky, chief executive of Revolut, sold 40-60% of the stock offloaded in last month’s secondary share sale. The sell-off of stock in Britain’s most valuable fintech firm was worth $200m-$300m, according to Sky News, which first reported the share sale.
Storonsky, a former Lehman Brothers trader who established Revolut in 2015, retains a stake in the company estimated to be worth $8bn.
Revolut said last month that a secondary sale of staff shares to investors had been arranged to provide “employee liquidity”.
Storonsky benefited, but no further details were given about the stock he sold in the sale, which netted staff an estimated $500m. Those buying the staff shares included the institutional investors Tiger Global Management, Coatue and D1 Capital Partners.
The secondary share sale valued Revolut at $45bn, higher than traditional UK banks including NatWest, which is valued at £27.5bn ($36bn).
Revolut was launched in 2015 as a prepaid card focused on offering free currency exchange for customers. It has since grown to more than 10,000 staff, with 45million customers in 38 countries.
Regulators took three years to give the London-headquartered company a banking licence, finally granting it in July.
Revolut had to convince regulators it had addressed a number of controversies, including delayed filing of accounts and an aggressive work culture. The banking licence was seen as a crucial step for the company’s growth: it allows it to hold customer deposits and offer own-branded loans.
Storonsky, hit out at regulators last year over the lengthy licensing process, saying it was “hard to do business in the UK” owing to high taxes and “an extremely bureaucratic regulator”.
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Revolut, which announced in June it would move to a new global headquarters in Canary Wharf in London, reported revenues in 2023 of $2.2bn and a record pre-tax profit of $545m. It said it was on track to surpass 50 million customers by the end of the year.
Revolut declined to comment on Storonsky’s share sale.