Revolut's Meteoric Rise: CEO Nik Storonsky's Bold Vision and Challenges Ahead

Revolut founder and CEO Nik Storonsky celebrates the fintech's valuation at $45 billion, overtaking significant European banks. The success comes after attaining a UK banking licence and despite early setbacks. Challenges await as Revolut expands in various sectors, facing regulatory scrutiny and fraud criticism.

Revolut CEO Nik Storonsky addressed employees at a summer drinks event last year, emphasizing the need to expand and outperform traditional banks. The nine-year-old fintech has now been valued at $45 billion following an employee share sale to investors, surpassing the worth of major European financial institutions such as Barclays and NatWest.

This valuation solidifies Revolut's status as Europe's most valuable startup and serves as a significant validation for 40-year-old Storonsky. This achievement follows closely behind the acquisition of a UK banking licence after a three-year effort. The success positions Revolut to challenge established banks in additional sectors like mortgages.

Storonsky's equity in Revolut is estimated to be worth around $8 billion, based on his disclosed shareholding in Britain's corporate registry. He is ranked 45th in the Sunday Times Rich List 2024, boasting a net worth of £4.38 billion ($5.7 billion). A former derivatives trader at Lehman Brothers and Credit Suisse, Russian-born Storonsky co-founded Revolut in 2013 with the ambition to offer lower-fee financial products.

(With inputs from agencies.)