Revolut CEO To Sell Part Of Stake In $500 Million Share Sale

British fintech company Revolut's CEO Nikolay Storonsky will cash in part of his multibillion-dollar stake in the company as part of a $500 million share sale, Sky News reported, Gursimran Kaur reported for Reuters.

Revolut is looking to cement its place as Europe's most valuable startup. I Photo: Seb Daly/Web Summit via Sportsfile Flickr

The Financial Times reported last month that the digital finance app is working with bankers on the share sale, including shares held by employees, which could value it at more than $40 billion.

The size of Storonsky's stake in the company is unclear, the report added, and the scale of any disposal would depend on the valuation that Revolut is able to attract from new investors as well as final allocation decisions by the company.

The company has signaled its aim to list publicly, but its interim chief financial officer Victor Stinga declined earlier this month to comment on any timeline for an IPO.

Revolut made a record pretax profit of 438 million pounds ($553.8 million) in 2023 on strong user growth and soaring interest-related income, as it looks to cement its place as Europe's most valuable startup.