The billionaire founder of Revolut has sold hundreds of millions of dollars worth of shares in the banking and finance app as he climbs the ranks of Europe’s richest people.
Sky News has learned that Nik Storonsky, the company’s chief executive, sold between 40 and 60 per cent of the shares sold by employees in a secondary share sale that closed last month.
That would mean Mr. Storonsky had cashed in shares worth between $200 million and $300 million — a small proportion of his participation in the company he created in 2015.
The entrepreneur, whose stake in Revolut is estimated to be worth around $8 billion, orchestrated last month’s share sale, which saw investors including Coatue and D1 Capital Partners join at a $45 billion valuation.
At the time, Revolut said it had arranged the sale “to provide liquidity to employees” but made no reference to Mr Storonsky’s personal windfall.
According to a source close to the matter, several thousand Revolut employees participated in the sale of shares.
“We are excited to offer our employees the opportunity to share in the benefits of the company’s collective success,” Storonsky said in August.
“It is their hard work, innovation and dedication that has enabled us to become the most valuable private technology company in Europe.”
A Revolut spokesperson declined to comment on Mr Storonsky’s involvement in the secondary share sale.
The deal cemented his status as one of the world’s richest men technology business leaders.
It came just weeks after the fintech app secured a long-awaited banking license from UK regulators – a process that had been mired in uncertainty for years.
Mr Storonsky had publicly criticised the delay.
Although the fintech, which has more than 40 million customers, did not raise new capital as part of the transaction, it was still closely watched in the global fintech sector.
Stay up to date with all the latest news from the UK and around the world by following Sky News
Revolut recently revealed record profits of £438m last year on revenue that almost doubled to £1.8bn.
Founded in 2015, it has faced a series of regulatory and compliance challenges, with reports last year highlighting the release of funds from accounts flagged by the National Crime Agency as suspicious.
The company’s growth has been lightning fast, with the number of customers skyrocketing from 16.4 million when it raised a Series E round nearly three years ago.
Learn more about companies:
John Lewis set to post ‘significantly higher’ profit
New York Sun owner considers bid for Telegraph
EasyGroup loses trademark theft lawsuit
The focus now turns to when and where Revolut will decide to become a public company.
New York is likely to be the preferred choice of its board and major investors, although UK listing reforms could help London recover some of the ground it appears to have lost in recent years.
A similar debate is likely to take place at other UK-based tech success stories, including Monzo, the digital bank.
Revolut is chaired by Martin Gilbert, a City veteran who has faced governance and performance challenges at AssetCo, the London-listed asset manager he runs.
Other directors include Michael Sherwood, the former Goldman Sachs a leader who was jointly responsible for its operations outside the United States and who was considered one of the most skilled traders of his generation.