British fintech company Revolut’s CEO Nikolay Storonsky plans to sell part of his multibillion-dollar stake in the company as part of a $500 million share sale, according to Sky News. The sale, which includes shares held by employees, could value the digital finance app at over $40 billion, as reported by the Financial Times.
The exact size of Storonsky’s stake and the extent of the sale will depend on Revolut’s valuation and final allocation decisions. Revolut has not commented on the sale, and interim CFO Victor Stinga has not provided a timeline for an IPO.
Revolut reported a record pretax profit of £438 million ($553.8 million) in 2023, driven by strong user growth and increased interest income. The fintech sector in Britain has faced funding challenges as investors demand profitability over pandemic-era valuations. Revolut’s application for a UK banking license has been pending for three years.