Revolut’s Nik Storonsky sells up to $300m shares in company
Revolut’s Nik Storonsky sells up to $300m shares in company.
The founder of Revolut, one of Europe’s leading tech companies, has reportedly sold shares valued at up to $300 million (£230 million) in the firm. Nik Storonsky, the CEO of Revolut, offloaded between 40% to 60% of his shares during a secondary sale last month. According to Sky News, the total value of the stock sale for the UK’s most valuable fintech company ranged from $200 million to $300 million. Storonsky still holds a stake in the company that is estimated to be worth around $8 billion. Last month, Revolut announced that a secondary sale of employee shares to investors was organized to enhance “employee liquidity.”
Storonsky gained from the transaction, but specific details about the stock he sold during the sale, which brought in an estimated $500 million for the staff, were not disclosed. The institutional investors who purchased the staff shares included Tiger Global Management, Coatue, and D1 Capital Partners.
This secondary share sale placed Revolut’s valuation at $45 billion, surpassing traditional UK banks like NatWest, which is valued at £27.5 billion (approximately $36 billion). Revolut started in 2015 as a prepaid card service aimed at providing customers with free currency exchange. Since then, it has expanded to employ over 10,000 people and serve 45 million customers across 38 countries. It took regulators three years to issue a banking license to the London-based company, which was finally granted in July.
How did Nik Storonsky make his money?
Are the owners of Revolut Russian?
The Russian-born British businessman was born in Dolgoprudny, Russian SFSR, Soviet Union on the 21 July 1984founded Revolut in 2015 with Vlad Yatsenko and is headquartered in London. Revolut employees an estimated 8,152 employees and offers banking services for retail customers and businesses.
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