Revolut CEO Nikolay Storonsky will reportedly sell a “small portion” of his stake in the company as part of a previously reported sale of employee shares and other existing shares.
Storonsky’s stake in the British FinTech company amounts to several billion dollars, and he plans to sell stock worth tens of hundreds of millions of dollars, Sky News reported Sunday (July 7).
The amount Storonsky sells would depend on the valuation Revolut attracts from new investors and the allocation decided upon by the company and its advisors, according to the report.
Revolut did not immediately reply to PYMNTS’ request for comment.
The Financial Times (FT) reported on June 20 that Revolut was planning a share sale and seeking a valuation of greater than $40 billion. The report said the firm was working to sell about $500 million worth of employee shares and other existing shares.
On Tuesday (July 2), the FT reported that Revolut’s chair, Martin Gilbert, said the company was at least a year away from an initial public offering (IPO) and that the company planned to “keep an open mind” on where that listing would happen.
Gilbert’s comments were reported on the same day that Revolut released its 2023 annual report, which showed that the company’s revenues reached $2.2 billion in 2023, a 95% increase from the $1.1 billion it reported in 2022.
The company also said in the annual report that its profit before tax was a record $545 million, adding 12 million new customers in 2023, contributing to its current total of 45 million, and remaining committed to its ongoing U.K. banking license application.
“Even as we reached 45 million global retail customers six months into 2024, Revolut remains poised for exponential growth in 2024 and beyond, continuing to redefine the financial services landscape as we’ve known it,” Storonsky said when the report was released.
The company has also targeted the Asia-Pacific (APAC) region for its global expansion strategy. Charlie Short, head of growth at Revolut, told Bloomberg in a report posted May 31 that the company is committed to accelerating growth in markets like Australia, New Zealand, and Singapore.
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