Revolut Billionaire Nik Storonsky Set to Earn a 9-Figure Payout as Part of Upcoming $500M Stock Sale

Revolut co-founder and CEO Nik Storonsky is preparing to turn some of his multi-billion dollar paper wealth into hard cash as part of the British fintech’s upcoming secondary share sale.

Second the Financial TimesThe banking app is working on a $500 million stock sale that will allow existing shareholders, including employees, to take part of their earnings, at an expected valuation of more than $40 billion.

At this price, Revolut would become by far the most valuable private company in Europe, although the final size of the sale and its valuation are still uncertain.

Storonsky is reportedly planning to cash in on tens or hundreds of millions of dollars. News from the skyand other board members are also considering joining.

This secondary sale will be closely watched as Revolut has become the flagship of the UK fintech sector and the decision by a CEO and board members to sell their shares can be controversial.

Another controversial fact is that the round is limited to current Revolut employees only, while former employees are prohibited from selling their shares.

Just last week, Revolut revealed that it has finally turned into profitgenerating £438 million ($553 million) in revenue which doubled to £1.8 billion ($2.27 billion).

Storonsky said the company’s “exceptional financial performance” was driven by a 46 percent increase in customers, bringing the company’s total customers to 38 million across the 38 countries in which it operates.

Revolut’s last secondary share sale took place in 2021, when current employees were allowed to sell up to 20% of their shares. In total, over $100 million was sold.

The company is still working to obtain a banking licence in the UK, despite repeatedly saying over the past four years that it would become a registered bank “any day now”.

Without a banking licence, Revolut cannot leverage its UK customers’ deposits to offer complex lending products, nor can it claim to have the same customer deposit protections as formal banks.

Representatives for Revolut did not immediately respond to Fortune’s request for comment.

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