Revolut CEO Nikolay Storonsky plans to sell a portion of his stake in a $500 million share sale, adjusting his multibillion-dollar investment in the fintech giant.
According to a July 8 report by Sky News, Storonsky plans to offload a portion worth “tens or even hundreds of millions of dollars” in this secondary deal. The precise size of Storonsky’s stake is currently unspecified.
Storonsky to Sell Partial Stakes in Revolut
The final amount of shares sold will depend on the valuation that Revolut attracts from new investors and the allocation decisions made by the company and its advisors, Morgan Stanley.
The report stated that the company targets a $40 billion valuation for the share sale. Last month, Revolut engaged Morgan Stanley to manage the sale, looking for a valuation no lower than the $33 billion achieved in its 2021 primary funding round.
#Revolut CEO #NikolayStoronsky to sell part of stake in USD 500 million share sale
The size of Storonsky’s stake in the company is unclear and the scale of any disposal would depend on the valuation that Revolut is able to attract from new investors.
— International Finance (@IntlFinanceMag) July 8, 2024
Recently, Revolut announced record earnings of $561 million for the previous year, with revenues nearly doubling to $2.3 billion.
New Crypto Platform for UK Retail Users
On May 7, 2024, the company launched Revolut X, a new crypto trading platform targeting UK retail customers to compete with leading crypto exchanges by offering over 100 token trades with low fees.
Revolut X is accessible on the desktop for all UK users with a Revolut retail account. Initially designed for professional traders, the platform facilitates easy on/off-ramping for cryptocurrencies and low transaction fees.
The platform started by supporting the same assets available on the Revolut retail app, including Bitcoin, Ethereum, and XRP, with plans to expand its offerings. UK retail account holders can access the platform using their existing credentials.
“We are excited by the introduction of our new crypto product, and believe this top-tier trading platform will change the game for experienced crypto traders, providing them with a safe and accessible place to trade,” said Leonid Bashlykov, Head of Crypto Exchange Product.
This launch followed recent initiatives to enhance its crypto services, including Revolut Ramp and the temporary suspension of crypto trading for UK business clients due to regulatory changes.
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